Forex Technical Analysis: Trend potential – Remain neutral

USDJPY – Down

Remain neutral

Technical observation

For the past days USD has been declining massively against the Japanese Yen, right now price is breaking below a support 107.40 and In case you were short from within 111.67-111.35 you can pick your profits now. My expectation for this pair is either a close above 107.40 or a clear penetration below it with a big red candle. In case this pair closes above 107.40, wait for a correction to the resistance 109.45 to sell with your take profit at 107.40 and stop loss at 110.45, but should there be a breach below 107.40, wait for a pull back to it before you sell USD with your take profit at 104.61 and stop loss at 108.33.

Trade recommendation

Remain neutral.

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