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Buy USD within 111.29-111.24

Buy USD within 111.29-111.24 | 09 April 2019

09 April 2019, USD/JPY

Technical observation

On the hourly chart above, USD is retracing to a supportive zone 111.29-111.24 and I expect a bounce it for a rally upwards towards the key level 112.00. My advice, wait for the correction to 111.29-111.24 and a rejection within it to buy USD with your take profit at 112.00 and stop loss at 111.04. If price is not rejected within 111.29-111.24 and instead penetrates below the zone with a big red candle, wait for a correction to the just broken zone and bounce within it to confirm a possible surge to the lower side before you sell this pair. On your way downwards the key levels to look for include 110.52 and 109.73.

Trade recommendation

Buy USD within 111.29-111.24 with your take profit at 112.00 and stop loss at 111.04.

Imelda Maseno
Analyst of «FreshForex» company
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