Forex Technical Analysis: Trend potential – Pick long positions within 112.00-111.76

USDJPY – Down

Technical observation

USD/JPY was rejected around the resistance 114.53 and is now correcting to the support 112.00-111.76 and I expect a rejection within it for possible bullish momentum towards 114.53 and a break above it for a further rise in price. Should there be a clear break below 112.00-11.76, wait for a pull back to it confirming possible bearish momentum before you sell this pair. On your way downwards the key lines look for include 109.74, 107.80 or even lower to 104.63. Right now only long positions look idea and can be recommended on the daily chart above towards 114.53.For this pair long positions can be advisable even for shorter time frames.

Trade recommendation

Buy USD within 112.00-111.76 with your take profit at 114.53 and stop loss slightly below 111.76.

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