still short towards 104.96 | 06 Mei 2020

06 Mei 2020, USD/JPY

still short towards 104.96

Technical observation

On the daily chart above, price continues to decline towards the support 104.96 following a bounce within the resistance zone 107.99-107.79. Remain short with this pair with your take profit at 104.96 and stop loss at 108.86. Should there be a clear penetration below the level 104.96, continue short with this USD towards the lower supportive level 102.28. As long as USD is contained below the zone 107.99-107.79, only short positions can be advisable, however, should there be a clear penetration above the zone with a big green candle, you can anticipate bullish price rally towards the resistance line 112.09.

Trade recommendation

Remain short with your take profit at 104.96.

Imelda Maseno
Analyst of «FreshForex» company
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