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Remain short

11 January 2019, USD/JPY

Remain short

Technical observation

USD rose towards the resistnace zone 108.90-108.72 but was rejcted around it, right now this pair is rallying on an increasing bearish momentum towards the supportive level marked at 106.58, my expectation is a decline to the support followed by a breakout below it for further bearish price rally towards 104.63. If you sold this pair within the zone mentioned above, hold on to that position with your take profit at 106.58 and stop loss at 109.74.In case of a clear penetartion above 108.90-108.72 then bullish momentum may be anticipated towards 111.35.Right now only short positions may be recommended on the daily chart above.

Trade recommendation

Remain short with your take profit at 106.58.

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Imelda Maseno
Analyst of «FreshForex» company
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