Forex Technical Analysis: Trend potential – Long USD/JPY now

USDJPY – Down

Long USD/JPY now

Technical observation

USD/JPY broke above a resistance zone 107.68-107.31 several days ago, it then failed to retrace to it and instead raised higher, recently price corrected at a support line thrice making it a key support line. Currently price is on a bullish move and I expect a rise towards 111.29 and a breakout above it for a further rise in price towards the resistance line 114.34.If you had not bought USD yet, my advice, Buy USD now with your take profit at 111.29 and stop loss around 108.21.Remain long after a breakout above 111.29 towards 114.34.On the chart above only long positions look ideal and can be recommended.

Technical levels

Resistance levels

R1.109.55

R2.109.73

R3.110.1

Pivot

109.35

Support levels

S1.109.18

S2.108.98

S3.108.61

Trade signal

Buy USD now with your take profit at 111.29 and stop loss around 108.21.

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