Forex Technical Analysis: Trend potential – Short USD/JPY within 111.56-111.27

USDJPY – Down

Technical observation

USD/JPY is still rising towards the resistance zone 111.56-111.27 and I expect a rejection of it within the zone for possible bearish momentum towards 109.03.If price breaches above the zone with a big green candle, I expect correction to the zone followed by a rise in price towards 113.97.Right now I’m looking to short the pair within the zone with my ideal target at 109.03 and stop loss around 112.26,as long as price remains below this zone ,only short positions are ideal and can be advised towards the support 109.03.Long positions may only be ideal in case of a breakout above 111.56-111.27 followed by a retracement to it.

Technical levels

Resistance levels

R1.109.78

R2.110.02

R3.110.56

Pivot

109.51

Support levels

S1.109.24

S2.108.95

S3.108.42

Trade signal

Short USD/JPY within 111.56-111.27 with your take profit at 109.03 and stop loss around 112.26.

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