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Wait for a correction to sell USD.

Wait for a correction to sell USD. | 10 April 2019

10 April 2019, USD/JPY

Technical observation

On the hourly chart above, price penetrated below a supportive zone 111.29-111.24 as predicted yesterday and is currently rallying below it. I expect a correction to the just broken zone followed by a bounce within it for bearish price rally. My advice, wait for the pullback to 111.29-111.24 and a rejection within it to sell USD with your take profit at 110.52 and stop loss at 111.44, should there be a clear breach below 110.52 followed by a correction to it, more downward movements towards the key level 109.73 can be anticipated. Right now as long as price is contained below the zone 111.29-111.24, only short position can be advisable.

Trade recommendation

Wait for a correction to 111.29-111.24 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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