Forex Technical Analysis: Trend potential – Buy within 111.37-111.34

USDJPY – Down

Buy within 111.37-111.34

Technical observation

USD/JPY is rallying above a supportive zone 111.37-111.34, I expect a correction to the zone followed by a rejection of price within it for possible bullish movement towards 111.72 and a possible breakout above 111.72 for a further rise in USD. Wait for the correction to 111.37-111.34 then long the pair on the hourly chart above within the zone with your take profit at 111.72 and stop loss slightly below 111.34.Continue long with the pair after a breakout above111.72 followed by a correction to it. Short positions can only be advisable in case of a clear breakout below the zone with a big red candle and a correction to it.

Technical levels

Resistance levels

R1.111.04

R2.111.08

R3.111.15

Pivot

111

Support levels

S1.110.97

S2.110.92

S3.110.84

Trade signal

Buy USD/JPY within 111.37-111.34 with your take profit at 111.72 and stop loss slightly below 111.34.

Do you know against which currencies JPY is the most profitable?

Buy within 111.37-111.34

More trading assets here…

You may check other analytical reviews on FreshForex website. Source: freshforex.com.