Forex Technical Analysis: Trend potential – Buy Usd now towards 110.64.

USDJPY – Down

Buy Usd now towards 110.64.

Technical Observation:

On 12th June, Usd broke out above a hourly resistance line 110.20, retraced back to it the same day but could not penetrate to the lower side. Now three days later, the price has retraced to the same line for the second time. This is a good buy place and unless the price breaks below it with a big red candle, I’m waiting for a rebound from it to buy Usd towards 110.64 and may extend higher. Should the price break below 110.20, then I expect a surge towards 109.55. Technical Levels

Resistance levels

R1: 110.33

R2: 110.48
R3: 110.94
Pivot
110.03
Support Levels
S1: 109.15
S2: 109.58
S3: 109.89
Trade Signal
Buy Usd now towards 110.64.

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