Forex Technical Analysis: Trend potential – Sell USD/JPY now

USDJPY – Down

Technical observation

The pair on the 4 Hour chart above rose steadily towards the resistance zone 112.69-112.60 and is currently rallying within it, I expect a rejection of this pair within the above mentioned zone for possible bearish momentum of price towards 111.65, in case of a break below 111.65, wait for a correction to it confirming further downwards movement before you continue short with this pair towards 110.66 or even lower to 109.83.I’m looking to sell this pair now within the zone with my take profit at 111.45 and stop loss around 113.14.Should there be a break above 112.69-112.60,wait for a correction to it before you buy USD.

Technical levels

Resistance levels

R1.112.02

R2.112.07

R3.112.18

Pivot

111.98

Support levels

S1.111.91

S2.111.84

S3.111.73

Trade signal

Sell USD/JPY now within 112.69-112.60 with your take profit at 111.45 and stop loss around 113.14.

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