We're short towards 106.29 | 28 April 2020

28 April 2020, USD/JPY

We're short towards 106.29

Technical observation

On the hourly chart above, price penetrated below a zone 107.34-107.31 with a big red candle before correcting to it. A few hours a go USD pulled back to the above-mentioned zone and it was contained. I expect bearish price movements towards the supportive level 106.29 and a possible breakout below it. If you sold this pair within the zone 107.34-107.32 after a bounce, remain short with your take profit at 106.29 and stop loss at 107.47. If you are currently flat, wait for another correction to the zone 107.34-107.31 and a rejection to sell USD or a clear breakout below 106.29 and pullback to it.

Trade recommendation

Remain short with your take profit at 106.29.

Imelda Maseno
Analyst of «FreshForex» company
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