Forex Technical Analysis: Trend potential – Wait for a correction to 111.23-110.93

USDJPY – Down

Wait for a correction to 111.23-110.93

Technical observation

On the daily chart above, price went up but could not reach the resistance 113.62, right now it is pulling back to the key support zone 111.23-110.93 and I expect a bounce of it within the zone followed by possible bullish movements of USD towards 113.62 and a possible breakout above it for a further rise in USD. My advice, wait for a correction and a rejection of price within the zone 111.23-110.93 then long the pair within it with your take profit at 113.62 and stop loss slightly below 110.93, In case of a breach above 113.62, wait for a correction to it before you continue long with the pair.

Technical levels

Resistance levels

R1.112.24

R2.112.71

R3.113.93

Pivot

114.51

Support levels

S1.111.02

S2.110.27

S3.109.05

Trade signal

Wait for a correction to 111.23-110.93 to Rebuy USD/JPY.

Do you know against which currencies JPY is the most profitable?

Wait for a correction to 111.23-110.93

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