Forex Technical Analysis: Trend potential – Wait for a correction 109.43 to buy USD

USDJPY – Down

Wait for a correction 109.43 to buy USD

Technical observation

After breaking above the resistance zone 107.68-107.30,USDJPY raced up towards a resistance line 109.43.Price was rejected from the line but yesterday it penetrated above it and is currently pulling back to it.I expect a rejection of it from the line for bullish momentum towards the resistance line 111.29 and a breakout above it for a further rise in price towards114.34.Wait for the correction 109.43 then buy USD on the second correction to it with your take profit at 111.29 and stop loss around 108.54.In case of a breakout above 111.29,continue long with USD after the second retracement towards 114.43.

Technical levels

Resistance levels

R1.109.41

R2.109.77

R3.110.36

Pivot

109.20

Support levels

S1.108.82

S2.108.59

S3.108

Trade signal

Wait for the correction 109.43 then buy USD on the second correction to it with your take profit at 111.29 and stop loss around 108.54.

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