Technical Analysis Based on Breakout – Look for a short position

USDJPY – Down
Look for a short position
Technical Observation:
Usd is currently trading just a few pips above its weekly pivot line seen at 109.69. Almost a fortnight ago, the price went below the lower supportive trend line and has currently pulled back towards it. Unless there’s a clear breakout above it, with a big green candle, I expect a decline in price towards 100.48 or even lower. As it is on the weekly chart above, I expect a sell position around 110.00 with my take profit at 100.45. On the way downwards, the key lines to look for include 106.15, 102.35 and 100.45
Technical Levels
Resistance levels
R1: 110.97
R2: 111.76
R3: 113.84
Pivot
109.69
Support Levels
S1: 105.54
S2: 107.62
S3: 108.89
Trade Signal
Look for a short position towards 100.45

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