Forex Technical Analysis: Trend potential – We are short within the zone 114.97-114.91

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Forex Technical Analysis: Trend potential - We are short within the zone 114.97-114.91

USDJPY – Down

Technical observation

On the hourly chart above price rose steadily to the resistance zone 114.97-114.92 but it could not break above it, instead, it bounced within the zone and for the past two consecutive hours it has been trading with an increasing bearish bias. As long as USD is below the zone mentioned above I expect a continuation of this downwards movement to the supportive level 114.22 followed by a possible breakout below it with a big red candle. My advice, pick short positions now within the zone 114.97-114.91 with your take profit at 114.22 and stop loss at 115.21. I can only recommend long positions above the zone 114.97-114.91.

Trade recommendation

Sell USD now within the zone 114.97-114.91 with your take profit at 114.22.

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Source: Forex Technical Analysis: Trend potential - We are short within the zone 114.97-114.91

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