Technical Analysis Based on Breakout – Waiting to re buy at 108.29

USDJPY – Down

Waiting to re buy at 108.29

Technical observation

On the daily chart above, USDJPY retraced at support line 108.29 while on an upward trend, currently, price is correcting to the line and I expect a rejection of it at the line and a possible rise in price towards the zone marked with the blue rectangle and even a breakout above the zone towards 114.46 or further up. If the current candle closes at the line, buy the pair after it does with your take profit at 114.46 and stop loss at 107.82.If there’s a clear breakout below 108.29 wait for a pill back to it to confirm the price is on a downward trend before you enter short positions.

Technical levels

Resistance levels

R1.109.92

R2.110.73

R3.112.01

Pivot

109.47

Support levels

S1.108.63

S2.108.17

S3106.89

Trade signal

Re buy USD JPY at 108.29 with your take profit at 114.46 and stop loss at 107.82.

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