Technical Analysis Based on Breakout — Short USD around 111.60-111.30 towards 109.72

USDJPY – Down Technical Observation: The USD is contained below the resistance zone 111.60-111.38. Recently, the price spiked above this zone but immediately plunged below it. If this zone is not clearly breached to the upper side, a move towards 109.72 is expected. On the 4 Hour chart above, short positions are recommended unless the price gets above 111.60. My advice, look for sell orders as long as the price rallies around 111.60-111.38. At the moment, buy positions seems risky and may not be advisable. Technical levels: Resistance levels R1: 111.56 R2: 111.86 R3: 112.42 Pivot Point 111.3 Support Levels S1: 110.19 S2: 110.74 S3: 111 Trade Signal Short USD around 111.60-111.30 towards 109.72
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