Forex Technical Analysis: Trend potential – Buy within 111.82-111.41

USDJPY – Down

Technical observation

The pair on the daily chart above is on an upward trend. Price is currently rallying towards the supportive zone 111.82-111.41, I expect a bounce within it for possible bullish movement of USD towards 114.51, and a possible breach above it for a further rise in price. I would advise you wait for the correction to the zone then pick long positions within it with your take profit at 114.51 and stop loss slightly below 111.41.In case of a clear breakout below 111.41 with a big red candle, wait for a correction to it confirming possible bearish movement of price before you pick short positions towards the supportive line 108.73.

Technical levels

Resistance levels

R1.112.67

R2.112.82

R3.113.13

Pivot

112.51

Support levels

S1.112.36

S2.112.2

S3.111.89

Trade signal

Buy USD/JPY within 111.82-111.41 with your take profit at 114.51 and stop loss slightly below 111.41.

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