18 Februari 2019, USD/JPY
Technical observation
After breaking above the zone 109.99-109.76, USD rose steadily for several days before declining, currently this pair is rallying above the zone and I expect a pullback to it followed by a rejection within it for bullish price rally towards 112.63.You can remain flat temporarily and wait for the bounce within 109.99-109.76 to buy USD with your take profit at 112.63 and stop loss at 108.89.If price breaks above 112.63 then more bullish momentum can be expected. Short positions can only be advisable in case of a penetration below the zone 109.99-109.76 followed by a correction to it confirming possible bearish momentum of USD.
Trade recommendation
Remain flat temporarily