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Technical Analysis Based on Breakout – Short Usd around 114.38 towards 108.05

USDJPY – Down

Technical Observation:

Since the last trading day’s analysis, nothing has changed much with this pair. Usd simply bounced off from the daily resistance line 114.38 as expected and should embark on a rally to the lower side as previously said. Unless the price clearly close above 114.38, I’m only interested in a short position in this pair, thus, I’m waiting for a minor pullback towards 114.38, to pick a short position with my take profit at 108.90. If the price breaks above 114.38, then I’ll wait for a confirmation to re-buy Usd towards 118.00 or even higher.

Technical Levels

Resistance levels

R1: 112.56

R2: 113.27

R3: 114.41

Pivot

112.12

Support Levels

S1: 109.83

S2: 110.98

S3: 111.42

Trade Signal

Short Usd around 114.38 towards 108.05

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