Technical Analysis Based on Breakout – Flat

USDJPY - Down Technical Observation Usd declined in price but failed to penetrate the support line 112.94. I expect the recent upward movement to be a mere retracement towards the short term resistance line 113.62 . If 113.62 is broken upwards, then the price may rise further upwards towards 115.00. On the 4 hour chart above, I'd remain flat temporarily, but if price can break clearly below the 4 hour support line 112.94 with a big green candle, then I'll consider a short position towards 111.82. In fact, a breakout 112.94 may mark an end to the previous upwards rally and could push the price lower towards 111.82. On the hourly chart, the level 113.62 is a key resistance line and a reversal from this line may be witnessed today. Technical levels: Resistance levels R1: 114.4 R3: 114.84 R3: 115.61 Pivot 114.06 Support Levels S1: 112.5 S2: 113.28 S3: 113.62 Trade Signal Short USd on a clear breakout below 112.94 towards 111.82
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