18 Juli 2019, USD/JPY
Technical observation
Yesterday USD declined to the supportive level 107.78 and penetrated below it with a big red candle, price is still trading below the line on an increasing bearish momentum and my expectation is correction to the just broken level followed by a bounce at it for bearish price rally toward the line 106.82 and a possible penetration below it too for a further decline in price. My advice, wait for correction to the line 107.78 and a rejection at it to sell USD with your take profit at 106.82 and stop loss at 108.10. As it is on the 4-hour chart above, only short positions look ideal and may be recommended for the pair above.
Trade recommendation
Wait for correction to 107.78 to sell USD.