10 Maret 2020, USD/JPY
Technical observation
For several days now, USD has been declining steadily and is still showing signs of more bearish movements. As it is on the daily chart above, I expect a pullback to the resistance zone 104.42 followed by a rejection at it for bearish price rally. If you are currently neutral with this pair, remain so and wait for a correction to the key level 104.42 and a bounce at it to sell USD with your take profit at 101.14 and stop loss at 105.48. If this take profit is hit and there is a clear breach below it with a big red candle, then we can anticipated a further bearish price rally towards the lowest supportive level 99.01.
Trade recommendation
Remain flat.