Forex Technical Analysis: Trend potential – Place a pending order within 111.21-111.02

USDJPY – Down

Place a pending order within 111.21-111.02

Technical observation

USD/JPY is rising steadily towards the resistance zone 111.21-111.02.I expect a rejection of it within the zone for bearish momentum towards 109.03 and a possible breach below 109.03 for a further decline in price towards 107.34,you can place a pending trade within the zone with your ideal target at 109.03 and stop loss around 111.86.In case of a clear breakout above 111.21-111.02,wait for a correction to it to confirm bullish movement of price then long the pair on the retracement to the zone. Right now as long as 111.21-111.02 protects the lower side, only short positions can be recommended.

Technical levels

Resistance levels

R1.110.07

R2.110.4

R3.111.08

Pivot

109.78

Support levels

S1.109.39

S2.109.04

S3.108.35

Trade signal

Place a pending order within 111.21-111.02 with your take profit at 109.03 and stop loss around 111.86.

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