Forex Technical Analysis: Trend potential – We’re short towards 110.24

USDJPY – Down

We're short towards 110.24

Technical observation

USD is declining steadily towards the support 110.24 and I expect either a bounce at it followed by a correction to 111.45 to re-sell this pair or a clear penetration below it and a correction to sell USD. I recently picked short position at 111.45 and I’m holding on to this position with my take profit at 110.24 and stop loss at 111.82.If you are not in a trade yet, wait for either a correction to 111.45 or a breakout below 110.24 to sell USD. In case of a clear breakout below 110.24 you can wait for a retracement to it and a bounce at it before you continue short with USD. On the 4hour chart above only short position can be recommended.

Trade recommendation

Remain short towards 110.24.

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