Forex Technical Analysis: Trend potential – Sell USD/JPY within 113.60-113.52

USDJPY – Down

Sell USD/JPY within 113.60-113.52

Technical observation

The pair on the 4Hour chart above went down below a supportive zone 113.60-113.52 with a big red candle, price pulled back to the just broken zone but could not penetrate above it and was rejected. Right now it is retracing to the zone and I expect nothing but a rejection within it for bearish momentum towards 112.72 and a possible breach below this line for a further decline in price towards 111.82.My advice, wait for a correction to 113.60-113.52 to pick short positions with your take profit at 112.72 and stop loss around 113.94.As long as price is contained below 113.60-113.52,only short positions can be advisable.

Technical levels

Resistance levels

R1.113.88

R2.113.92

R3.113.99

Pivot

113.87

Support levels

S1.113.81

S2.113.77

S3.113.69

Trade signal

Wait for a correction to 113.60-113.52 to sell USD/JPY.

Do you know against which currencies JPY is the most profitable?

Sell USD/JPY within 113.60-113.52

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