13 Mei 2020, USD/JPY
Technical observation
USD retraced to the resistance zone it established around 107.99-107.79 but could not penetrate above it. Yesterday USD declined and I still expect more bearish price movements towards the supportive level 104.96. If you sold this pair within the above-mentioned zone after a bounce, remain short with your take profit at 104.96 and stop loss at 108.86. In case there is a clear penetration below the line 104.96, I expect further bearish price movements towards the lower supportive level 102.28. As it is on the daily chart above, I can only recommended long positions above the zone 107.99-107.79.
Trade recommendation
Remain short with your take profit at 104.96.