Remain neutral temporarily. | 28 Januari 2019

28 Januari 2019, USD/JPY

Remain neutral temporarily.

Technical observation

On the 4hour chart above, price is declining steadily towards a supportive zone 109.09-108.93, my expectation is a rejection within it followed by possible bullish price rally towards 111.45, you can remain neutral temporarily and wait for a bounce within 109.09-108.93 to buy USD with your take profit at 111.45 and stop loss at 108.25.If there is a breakout above 111.45 more bullish price rally will be expected towards 113.71.In case of a clear penetration below 108.93 wait for a correction to it confirming possible bearish price rally before you sell USD.Right now as long as it is contained above 109.09-108.93 only long positions can be advisable.

Trade recommendation

Remain neutral temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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