18 Maret 2020, USD/JPY
Technical observation
Yesterday USD did not rally downwards but instead corrected to the resistance zone it established around 108.18-107.99. However, price did not break above the zone and was rejected. Bearish momentum towards the supportive level 104.96 can be expected followed by a clear penetration below it. Within the zone 108.18-107.99 is the best place to place a sell order with your take profit at 104.96 and stop loss at 109.25. Continue short with this pair after a clear breakout below the support 104.96 followed by correction at a rejection at it. Long positions may only be recommended above 108.18-107.99.
Trade recommendation
Sell USD within 108.18-107.99 with your take profit at 104.96.