Technical analysis based on breakouts

FreshForex_company

Junior member
Messages
11
Likes
0
USDJPYDaily.png

Technical observation
For the past days USD has been declining massively against the Japanese Yen, right now price is breaking below a support 107.40 and In case you were short from within 111.67-111.35 you can pick your profits now. My expectation for this pair is either a close above 107.40 or a clear penetration below it with a big red candle. In case this pair closes above 107.40, wait for a correction to the resistance 109.45 to sell with your take profit at 107.40 and stop loss at 110.45, but should there be a breach below 107.40, wait for a pull back to it before you sell USD with your take profit at 104.61 and stop loss at 108.33.

Trade recommendation
Remain neutral.
 

Attachments

  • USDJPYDaily.png
    USDJPYDaily.png
    40.9 KB · Views: 262
Top