Technical Analysis Based on Breakout – Still short with the first take profit at 110.30

USDJPY – Down Technical Observation: After a sharp decline in price seen on Wednesday, Usd is still reluctant to continue short. Today, I expect a decline in price towards 110.30 or even lower towards 108.41. As it is on the daily chart above, only a short position can be recommended with a take profit fixed at 108.41. On the way downwards, the key lines to look for include 110.30, 109.40 and 108.41. A break below these lines will push the price lower with the next take profit at 107.15 or even lower to 105.00. Technical Levels Resistance levels R1: 111.92 R1: 112.63 R3: 113.73 Pivot 111.53 Support Levels S1: 109.34 S2: 110.43 S3: 110.82 Trade Signal Still short with the first take profit at 110.30 and the next at 108.41.
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