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

USDJPY – Down

Technical observation

USD penetrated above a resistance 109.99-109.76 establishing a support, it is currently rallying above the zone and my expectation is correction to it followed by a bounce within it for upwards price rally towards 112.63.Wait for the correction to 109.99-109.76 and a rejection within it to buy USD with your take profit at 112.63 and stop loss at 108.89, further bullish momentum can be expected in case of a clear break above 112.63 followed by a correction to it.With USD contained above 109.99-109.76, only long positions look ideal and may be recommended, short position may only be advisable below 109.99-109.76.

Trade recommendation

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

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