We're flat | 02 April 2019

02 April 2019, USD/JPY

Technical observation

Yesterday, USD broke above a resistance line 110.88 then pulled back to it before rising, right now price is declining to the line and my expectation is a rejection at it for possible bullish price rally towards 112.13 and a breakout above it for a further rise. My advice, wait for the correction to 110.88 and a bounce at it to buy USD with your take profit 112.13 and stop loss at 110.52.In case price is not rejected at 110.88 but instead breaks below it with a big red candle, bearish movements of this pair towards the supportive zone 109.61-109.51 or even lower to the supportive level 107.64 can be anticipated.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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