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Forex Technical Analysis: Trend potential – Sell USD/JPY at 112.72

USDJPY – Down

Sell USD/JPY at 112.72

Technical observation

USD/JPY is rallying below a key resistance line 112.72,I expect a correction to it followed by a rejection for possible bearish momentum towards 111.74 and a possible breakout below it for a further decline in price towards 110.47.Wait for the retracement to 112.72 then sell this pair at it with your take profit at 111.74 and stop loss around 113.05.Should there be a breach below 111.74 with a big red candle, wait for a pullback to it confirming further bearish momentum of price before you continue short with this pair towards the support 110.47. Only short positions look ideal and can be recommended towards 111.74.

Technical levels

Resistance levels

R1.113.88

R2.113.92

R3.113.99

Pivot

113.93

Support levels

S1.113.81

S2.113.77

S3.113.69

Trade signal

Sell USD/JPY at 112.72 with your take profit at 111.74 and stop loss around 113.05.

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

Sell USD/JPY at 112.72

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You may check other analytical reviews on FreshForex website. Source: freshforex.com.

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