Forex Technical Analysis: Trend potential – Wait for a pull back to 111.85 to sell USD

USDJPY – Down

Wait for a pull back to 111.85 to sell USD

Technical observation

After a clear penetration below the key supportive level 111.85, USD is now correcting to the just broken line and I expect a rejection of it at the line for possible bearish price rally towards the support 109.45 and a possible breakout below it for a further decline in price. Right now you can wait for a pull back to 111.85 and a bounce at it to sell USD with your take profit at 109.45 and stop loss at 112.67.The general trend for the pair on the daily chart above is downwards and so only bearish momentum of price can be anticipated. On your way downwards the key levels to look for include; 109.45, 107.40 and the lowest supportive level 104.61.

Trade recommendation

Wait for a pull back to 111.85 to sell USD with your take profit at 109.45 and stop loss at 112.67.

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