We're short within 110.23-110.16 | 21 Mei 2019

21 Mei 2019, USD/JPY

We're short within 110.23-110.16

Technical observation

USD retraced to a resistance zone it established around 110.23-110.16 and currently price is within it. I expect a rejection of price for possible downwards movement of USD towards the key line 109.12 and a possible breakout below it for a further decline in value. Short this pair within 110.23-110.16 after a rejection with your take profit at 109.12 and stop loss at 110.50, however, should there be no rejection within 110.23-110.16 but a clear penetration above it with a big green candle, wait for a correction to the just broken zone and a rejection within it to confirm possible bullish momentum of price before you buy USD.

Trade recommendation

Sell USD within 110.23-110.16 with your take profit at 109.12 and stop loss at 110.50.

Imelda Maseno
Analyst of «FreshForex» company
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