Technical Analysis Based on Breakout – Short USD within (111.53-111.29)

USDJPY – Down

Short USD within (111.53-111.29)

Technical observation

Around 8th of January this year USD dropped massively and broke below a key support zone (111.53-111.29),since then, price has remained below this zone and is showing signs of continuing even lower. On the daily chart above ,we expect price to pullback to (111.53-111.29) and a possible rebound from this zone to short USD.My advice is sell this pair on a rebound from (111.53-111.29) with an ultimate target at 109.54 and the next at 107.79.If price breaks above (111.53-111.29),we expect a rise to 113.57.Right now only short position is ideal within (111.53-111.29).

Technical levels

Resistance levels

R1.111.21

R2.111.5

R3.112.07

Pivot

110.99

Support levels

S1.110.64

S2.110.37

S3.109.8

Trade signal

Sell USDJPY within (111.53-111.29) with your take profit at 109.54 and stop loss above 111.53.

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