Forex Technical Analysis: Trend potential – Sell USD within 114.84-114.08

USDJPY – Down

Sell USD within 114.84-114.08

Technical observation

USD/JPY is still retracing to the resistance zone 114.84-114.08 and I expect a rejection of it within it for possible bearish momentum towards 104.65 and a breakout below it for a further decline in price towards 91.94.Im looking to sell this pair within the above mentioned zone with my take profit at 104.6 and stop loss slightly above 114.84.Should there be a clear breakout above 114.84-114.08 with a big green candle, wait for a retracement to it before you pick long positions towards the key resistance line 123.18.As long as price is contained below 114.84-114.08, only short positions can be advisable towards the support 104.65.

Technical levels

Resistance levels

R1.113.8

R2.114.4

R3.116.01

Pivot

112.79

Support levels

S1.112.19

S2.111.18

S3.109.57

Trade signal

Sell USD within 114.84-114.08 with your take profit at 104.6 and stop loss slightly above 114.84.

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

Sell USD within 114.84-114.08

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