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Technical Analysis Based on Breakout – Sell Usd on a rejection from 114.00 towards 111.55

USDJPY – Down
Sell Usd on a rejection from 114.00 towards 111.55
Technical Observation:
After a rising consistently for more than fortnight, Usd is currently rallying around a key resistance line 114.03. This is a major daily resistance line, and unless the price is clearly above it, I expect a rejection from this line to short Usd with my take profit at 108.25. If this resistance is broken, then a rise towards 118.00 is expected. As it is, only a sell position can be recommended with a take profit at 111.55. If you are bit hesitant, you could wait for a buy position after a breakout above this line
Technical Levels
Resistance levels
R1: 112.56
R2: 113.27
R3: 114.41
Pivot
114.00
Support Levels
S1: 109.83
S2: 110.98
S3: 111.42
Trade Signal
Sell Usd on a rejection from 114.00 towards 111.55

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