17 April 2020, USD/JPY
Technical observation
USD corrected to the resistance zone 107.99-107.86 and it was contained below it. Currently price is trading with an increasing bearish momentum and I expect this bearish rally to continue towards the support 104.96 followed by a clear breakout below it. Within the zone 107.99-107.86 is the best place to pick short positions after a rejection with your take profit at 104.96 and stop loss at 109.06. If this take profit is hit and there’s a clear breakout below it with a big red candle, continue short with this pair towards the lowest supportive level 102.28 after a correction to the just broken line and a rejection at it.
Trade recommendation
Sell USD within 107.99-107.86 with your take profit at 104.96.