Forex Technical Analysis: Trend potential – Wait for a correction to 109.99-109.76 to buy USD.

USDJPY – Down

Wait for a correction to 109.99-109.76 to buy USD.

Technical observation

After breaking above the resistance zone 109.99-109.76, USD is still rallying on an increasing bullish momentum, I expect a correction to the just broken zone followed by a rejection within it for upward momentum towards 112.63.You can wait for the correction to 109.99-109.76 then buy this pair on the second retracement to it just to ensure the break above 109.99-109.76 was not false. Should price penetrate above 112.63 then more bullish price rally can be anticipated. Right now as long as USD is contained above the key zone 109.99-109.76 only long positions look ideal and may be recommended on the daily chart above.

Trade recommendation

Wait for a correction to 109.99-109.76 to buy USD.

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