Forex Technical Analysis: Trend potential – Re buy USDJPY now.

USDJPY – Down

Technical observation

Few weeks ago, a clear breakout was seen when USDJPY price went above a resistance zone (108.55-107.74)since then the pair has remained above it, as long as price is not violated to the lower side with a big red candle, I expect a possible buy position now with an ultimate target at 115.55 or even higher. I would advise you buy USD now with your take profit at 115.55 and stop loss below 107.74 but must not be immediately below 107.74.Incase there’s a clear breach below the zone with a big red candle then that would be the ideal time to short USD after a retracement to it.

Technical levels

Resistance levels

R1.110.05

R2.111.3

R3.113.55

Pivot

109.05

Support levels

S1.107.8

S2.106.8

S3.104.55

Trade signal

Buy USDJPY now with your take profit at 115.55 and stop loss below 107.74.

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