USDJPY – Down Technical Observation: Last week’s candle was a bullish engulfing candle and meant that the price was to rise but until now, bears still appears to have some strength left. I still expect a rise towards 114.10 and even a breakout above 114.82 to continue higher towards 118.00. As it is on the weekly chart above, only buy positions look more ideal, but if you’re a skeptic to buy now, you could wait and buy above 114.82, or sell upon a rejection from 114.10-114.82 with you take profit at 108.61. Technical Levels Resistance levels R1: 113.1 R2: 114 R3: 116.04 Pivot 111.97 Support Levels S1: 107.9 S2: 109.94 S3: 111.06 Trade Signal Look for a buy trade towards 114.10
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