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We're short within 112.05-111.85

We're short within 112.05-111.85 | 12 April 2019

12 April 2019, USD/JPY

We're short within 112.05-111.85

Technical observation

USD is rallying below a key resistance zone 112.05-111.85 on an increasing bullish momentum and I expect a loss of this movement within the zone for possible bearish price rally towards the key line 109.75.My advice, wait for a bounce within the zone to sell USD with your take profit at 109.75 and stop loss at 112.66, In case there’s no rejection within 112.05-111.85 but a clear breakout above it with a big green candle, wait for a pullback to the just broken zone and a rejection within it to confirm possible bullish rally of price before you pick long positions with your take profit at the resistance line marked at 114.07.

Trade recommendation

Sell USD within 112.05-111.85 with your take profit at 109.75 and stop loss at 112.66. We're short within 112.05-111.85

Imelda Maseno
Analyst of «FreshForex» company
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