Forex Technical Analysis: Trend potential – Re-buy USD/JPY within 111.82-111.61.

USDJPY – Down

Re-buy USD/JPY within 111.82-111.61.

Technical observation

USD did not rise as predicted but instead declined towards the key zone 111.82-111.61 and is still rallying towards it. I expect a loss of this bearish momentum within the above mentioned zone followed by possible upwards movement of price towards 114.51.Im looking to buy this pair within the zone with my take profit at 114.51 and stop loss around 110.68.In case of clear a break above 114.51, wait for a correction to it before you continue long with USD. Should there be a clear breakout below 111.61 with a big red candle, wait for a correction to it confirming possible bearish movement of USD before you sell this pair.

Technical levels

Resistance levels

R1.112.67

R2.112.82

R3.113.13

Pivot

112.57

Support levels

S1.112.36

S2.112.2

S3.111.89

Trade signal

Re-buy USD/JPY within 111.82-111.61.

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Re-buy USD/JPY within 111.82-111.61.

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