20 Agustus 2019, USD/JPY
Technical observation
Yesterday USD rose to the level 106.77 and was rejected at it as I had predicted. Today I expect bearish movements of this pair towards the key level 104.64 followed by a possible breakout below it. You can short this pair now at the line 106.77 with your take profit at 104.64 and stop loss at 107.58. In case of a penetration below 104.64 with a big red candle, wait for a correction to it and a bounce to continue short. On the daily chart above, as long as price is contained below the resistance level 106.77 only short positions look ideal and can be advisable. Long positions can only be recommended above 106.77.
Trade recommendation
Sell USD at 106.77 with your take profit at 104.64 and stop loss at 107.58.