Forex Technical Analysis: Trend potential – Wait for a correction to 109.99-107.76 to buy USD.

USDJPY – Down

Wait for a correction to 109.99-107.76 to buy USD.

Technical observation

A breakout was seen when price went above a resistance zone 109.99-107.76 and is currently rallying above it, my expectation is a pull back to the just broken zone followed by a bounce within for bullish momentum towards 112.50.Wait for correction to 109.99-107.76 and a rejection within it to buy USD on the second retracement with your take profit at 112.50 and stop loss at 108.87.In case this breakout is false and price penetrates below the zone, wait for correction to it before you sell USD within it with your take profit at 107.35.Right now as long as USD is contained above 109.99-107.76, only bullish price rally can be anticipated.

Trade recommendation

Wait for a correction to 109.99-107.76 to buy USD.

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