Forex Technical Analysis: Trend potential – Remain short towards 109.45.

USDJPY – Down

Remain short towards 109.45.

Technical observation

USD is declining steadily towards the support 109.45 and my expectation is either a rejection of it at the line followed by a pullback to 111.85 to re-sell USD, or a clear breakout below it followed by a correction to it to pick short positions towards 107.40.I sold this pair at 111.85 and I am holding on to this position with my take profit at 109.45 and stop loss at 112.83. Only short positions look ideal and may be recommended, on your way downwards the key lines to look for include, 109.45, 107.40 and 104.61.Lon positions may only be anticipated should there be a clear penetration above 111.85 with a big green candle followed by a pull back to it.

Trade recommendation

Remain short towards 109.45.

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