Forex Technical Analysis: Trend potential – Remain long towards 114.53.

USDJPY – Down

Remain long towards 114.53.

Technical observation

On the 4 Hour chart above, USD/JPY is rallying upwards towards a resistance line 114.53. Previously, Price broke above a resistance zone 113.60-113.52 with a big green candle before moving up. With two corrections to this zone, I expect another pullback to it followed by a rejection within it for possible bullish momentum towards 114.53 and breakout above it for a further rise in price. If you are long already, remain in the trade and pick your profits at 114.53, if you have not bought this pair yet, wait for a correction to 113.60-113.52 and a rejection within it to pick long positions towards the key line 114.53.

Technical levels

Resistance levels

R1.113.88

R2.113.92

R3.113.99

Pivot

113.84

Support levels

S1.113.81

S2.113.77

S3.113.69

Trade signal

Remain long towards 114.53.

Do you know against which currencies JPY is the most profitable?

Remain long towards 114.53.

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