After the big breakout of support level at 112.80. Now, this pair is staying below the broken zone which turns into new resistance for this pair. Today, this pair is retested that new resistance zone and started falling again. So, we can expect a sell rally again on usdjpy.
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For sell, next target will be 111.80 support level. For our sell entry from retest, we can set our TP on that support zone. A further breakout of this support level can lead this usdjpy pair into 110.90 zone. So sellers can enjoy the downward rally on this pair below resistance 112.80. If any traders want to sell on this pair now, then SL should be above the 112.80.
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