Forex Technical Analysis: Trend potential – Remain short with your take profit at 110.34.

USDJPY – Down

Remain short with your take profit at 110.34.Remain short with your take profit at 110.34.

Technical observation

USD Was rejected within a resistance zone 110.91-110.88 before declining, price then tried to rise but only rose for one hour and is currently declining again. I expect bearish price rally towards 110.34 and a possible breakout below it for a further decline towards the support level marked at 109.94. In case you sold USD within 110.91-110.8 you can hold on to that position with your take profit at 110.34 and stop loss at 111.06 but if you had not sold it yet, wait for either another pullback to zone 110.91-110.8 and a bounce within it to sell USD or a clear penetration below 110.34 and a correction to sell USD with your take profit at 109.94.

Trade recommendation

Remain short with your take profit at 110.34.

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