Forex Technical Analysis: Trend potential – Wait for a correction to 109.25-109.09 to buy USD.

USDJPY – Down

Technical observation

USD is rallying above a supportive zone 109.25-109.09 and as long as it is contained above it only bullish movements may be expected. Right now price is rallying in an increasing bullish momentum and I expect a correction of it to the above mentioned zone followed by a bounce within the zone to pick long positions with my take profit at 111.45 and stop loss at 108.36.Should there be a clear breach above 111.45 with a big green candle, wait for a correction to it confirming further bullish price rally before you continue long with this pair with your take profit at 113.71.Short positions may only be recommended below 109.25-109.09 towards 107.62.

Trade recommendation

Wait for a correction to 109.25-109.09 to buy USD.

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