Forex Technical Analysis: Trend potential – Long USD/JPY within 111.23-110.93

USDJPY – Down
Long USD/JPY within 111.23-110.93
Technical observation
Yesterday there was a false breakout below the support zone 111.23-110.93, price pulled back above the zone before breaching below it fully then went up. I expect a rise in it towards 113.62 followed by a breach above it for a further rise in USD. Right now price is within the zone and I expect a rejection of it within it for possible bullish momentum. Long USD/JPY within the zone with your take profit at 113.62 and stop loss slightly below 110.93.In case of clear breakout below 111.23-110.93 with a big red candle, wait for a correction to it to confirm bearish movements of price before you short the pair.
Technical levels
Resistance levels
R1.111.74
R2.112.2
R3.112.98
Pivot
111.48
Support levels
S1.110.95
S2.110.64
S3.109.85
Trade signal
Long USD/JPY within 111.23-110.93 with your take profit at 113.62 and stop loss slightly below 110.93.

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