We're flat | 20 Mei 2019

20 Mei 2019, USD/JPY

We're flat

Technical observation

USD is trading on an increasing bullish momentum between a resistance zone 114.76-114.30 and a support 106.11, my expectation is either a correction to the above mentioned zone followed by a bounce within it to re-sell USD with your take profit at 106.11 and stop loss at 116.56, or a decline to the level 106.11 followed by a clear penetration below it and a correction to it to pick short positions with your take profit at 100.62 and stop loss at 109.79.In case price rises to 114.76-114.30 but is not rejected within it instead it penetrates above, bullish movements of this pair towards the resistance level 121.74 can be anticipated.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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