Forex Technical Analysis: Trend potential – Short USD within 114.84-111.08.

USDJPY – Down

Short USD within 114.84-111.08.

Technical observation

USD/JPY has been retracing to the resistance zone 114.84-111.08, right now price is rallying just below the zone and I expect either a rejection within it or a clear breach above it with a big green candle. In case of a rejection within 114.84-111.08, pick short positions within it with your take profit at 104.45 and stop loss around 118.63 and should there be a clear break above the key resistance zone 114.84-111.08 with a big green candle, wait for a correction to it confirming possible bullish movement of USD before you buy this pair with your ideal target at the key resistance line 123.18.Right now wait and sell USD within 114.84-111.08.

Trade recommendation

Short USD/JPY within 114.84-111.08.

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

Short USD within 114.84-111.08.

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