Remain short with your take profit at 108.74. | 04 April 2019

04 April 2019, USD/JPY

Remain short with your take profit at 108.74.

Technical observation

On the daily chart above, price rose to the resistance zone 111.86-111.64 and was rejected failing to rise above it, as long as USD is contained below the zone, only downwards movements can be expected. Right now price is rallying downwards and I expect more of this movement towards the line 108.74, if you sold USD within 111.86-111.64 after a bounce, hold on to that positions with your take profit at 108.74 and stop loss at 112.66, should there be a clear breakout above 111.86-111.64, wait for a correction to the just broken line and a bounce within it to confirm bullish movements of price before you pick long position towards 114.52.

Trade recommendation

Remain short with your take profit at 108.74.

Imelda Maseno
Analyst of «FreshForex» company
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