Forex Technical Analysis: Trend potential – We’re long towards 114.51.

USDJPY – Down

Technical observation

Yesterday USD/JPY pulled back to the key supportive zone 111.82-111.61 but could not penetrate below it, price was rejected and is currently rallying towards 114.51.I expect a possible rise to the line followed by a breach above it for further bullish momentum. I picked long position within the above mentioned zone and I’m holding onto this position with my ideal target at114.51 and atop loss slightly below 111.61. Should there be a rise above 114.51, I’ll wait for a correction to it before I continue long with this pair. Short positions may only be recommended in case of a clear breakout below 111.61 followed by a retracement to it.

Technical levels

Resistance levels

R1.1.3225

R2.1.3298

R3.1.341

Pivot

1.3194

Support levels

S1.1.3113

S2.1.3073

S3.1.2961

Trade signal

Remain long towards 114.51.

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