Forex Technical Analysis: Trend potential – We’re flat temporarily

USDJPY – Down

We're flat temporarily

Technical observation

USD/JPY is rallying around a support 111.45, I expect either a rejection of price at it followed by a correction to the resistance zone 112.49-112.40 and a bounce within it to re-sell USD, or, a clear breakout below 111.45 with a big red candle and a correction to it for bearish momentum of price towards 110.66.In case of a correction to 112.49-112.40,re-sell USD within it with your take profit at 111.45 and stop loss slightly above 112.49 and should there be a breakout below 111.45,wait for a correction to it before you sell USD with your take profit at 110.66 and stop loss around 112.10.Only short positions can be advisable.

Technical levels

Resistance levels

R1.112.02

R2.112.07

R3.112.18

Pivot

111.96

Support levels

S1.111.91

S2.111.84

S3.111.73

Trade signal

Remain flat temporarily.

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

We're flat temporarily

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