11 Maret 2019, USD/JPY
Technical observation
USD traded above 111.62-111.44 for several days before penetrating below it with a big red candle. It is currently rallying below the zone and my expectation is a correction to it followed by a bounce within it for downwards movement of price. Remain flat temporarily and wait for the correction to the above mentioned zone and a rejection within it to sell USD with your take profit at 109.111 and stop loss at 111.99.If this take profit is hit and there’s a clear penetration below it, wait for a confirmation of further bearish price rally before you continue short with this pair towards the key supportive level marked at 106.73.
Trade recommendation
Remain flat.