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Sell USD at 110.94

Sell USD at 110.94 | 21 March 2019

21 March 2019, USD/JPY

Technical observation

USD corrected to a resistance zone 111.66-111.62 but was rejected within it before rallying down steadily with a big red candle penetrating below a supportive key line 110.94.Right now price is trading below the line and my expectation is a correction to it and a bounce at it for possible bearish momentum of this pair towards the key line 110.09 and a possible breakout below it for a further decline in price towards the lowest key line 109.11.Remain flat and wait for the correction and a rejection at 110.94 to sell USD with your first take profit at 110.09 and the next at 109.11 with your stop loss at 111.12.Only short positions can be advisable.

Trade recommendation

Sell USD at 110.94 with your take profit at 110.09 and stop loss at 111.12.

Imelda Maseno
Analyst of «FreshForex» company
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