Forex Technical Analysis: Trend potential – Wait for a correction to 109.01-108.78

USDJPY – Down

Wait for a correction to 109.01-108.78

Technical observation

After its last retracement to the support zone 109.01-108.78 USD/JPY rallied up towards a resistance line 110.92.Yesterday, price went up but could not reach it and is currently pulling back to 109.01-108.78,I expect a rejection of it within the zone for possible bullish momentum towards 110.92 and a breakout above it for a further rise in price, I would advise you wait for the retracement to the zone then long the pair within it with your take profit at 110.92 and stop loss around 108.11.If price breaks above 110.92,wait for a correction to it then continue long. Short positions may only be recommended below 108.78.

Technical levels

Resistance levels

R1.109.83

R2.110.14

R3.110.84

Pivot

109.47

Support levels

S1.109.12

S2.108.72

S3.108.02

Trade signal

Wait for a correction to 109.01-108.78 then long USD/JPY within it with your take profit at 110.92 and stop loss around 108.11.

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