Technical Analysis Based on Breakout – Go long towards 109.68

USDJPY - Down Technical Observation: Recently, US Dollar successfully broke above 109. and has just retraced to the just broken retracement equilibrium zone. From the 4 Hour point of view, a long position is imminent. My advice therefore, go long but have your ST below the recent lowest low, 108.65 and a TP at 109.68. This view is only valid on the 4 Hour chart; the daily chart, however, paints a different picture indicating; we may be going long in the long run that the current upward move is a pullback. Technical levels: Resistance levels R1: 109.68 R2: 109.97 R3: 110.74 Pivot Point 109.2 Support Levels S1: 107.66 S2: 108.43 S3: 108.91 Trade Signal Long USD towards 109.68
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