Forex Technical Analysis: Trend potential – Wait for a correction to 110.33-110.15 to buy USD.

USDJPY – Down

Wait for a correction to 110.33-110.15 to buy USD.

Technical observation

USD is retracing towards a supportive zone it established around 110.33-110.15 and i expect a bounce within the zone for bullish momentum towards 112.62.Wait for the decline to 110.33-110.15 and a close within it to buy USD with your take profit at 112.62 and stop loss at 109.64.In case of a clear break above 112.62, wait for a correction to it and a rejection confirming further bullish price rally before you continue long with USD.AS it is on the 4 hour chart above, as long as price is contained above the zone 110.33-110.15 only long positions look ideal and may be advisable, short positions may only be recommended below 110.33-110.15.

Trade recommendation

Wait for a correction to 110.33-110.15 to buy USD.

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