11 April 2019, USD/JPY
Technical observation
On the hourly chart above, price retraced to the resistance zone 111.29-111.24 as predicted but could not penetrate above it, it was rejected within it before rallying downwards and right now is pulling back to the same zone. I expect nothing but a rejection of price within the zone for a possible surge to the lower side, my advice, wait for a correction to 111.29-111.24 and a bounce within it to re-sell USD with your take profit at 110.52 and stop loss at 111.43, if this take profit is hit and there’s a clear breakout below it with a big red candle, more bearish price rally towards the key level 109.73 can be anticipated after a correction.
Trade recommendation
Wait for a correction to 111.29-111.24 to sell USD with your take profit at 110.52 and stop loss at 111.43.
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