Technical Analysis Based on Breakout – Resell USD around(109.69-109.40)

USDJPY – Down

Resell USD around(109.69-109.40)

Technical observation

USD is currently trading with a slight bullish bias momentum. After a tremendous drop in the previous days, The pair is retracing upwards, I’m waiting for a sell around the short term resistance zone (109.69-109.40).If price should break above this zone then a further rise towards 114.13 is expected .My advice, if you are not short already you could wait for a rejection from (109.69-109.40) then short USD towards 109.79,if this line is breached then a further decline towards the weekly support zone(108.56-107.85)is expected.

Technical levels

Resistance levels

R1.109.39

R2.110.15

R3.111.46

Pivot

108.83

Support levels

S1.108.08

S2.107.52

S3.106.21

Trade signal

Wait for a rejection from (109.69-109.40) then short USD with your take profit 109.79 and stop loss at 109.90.

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