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Wait for a correction

Wait for a correction | 16 April 2019

16 April 2019, USD/JPY

Technical observation

Yesterday USD continued to rise above a resistance zone it had established around 111.92-111.73, currently it is rallying towards the just broken zone on an increasing bearish momentum and I expect a loss of this movement within it for possible bullish price rally towards the key level 114.04 and a possible breakout above it for a further rise in price. You can wait for a correction to 111.92-111.73and a bounce within it to confirm upward movement of USD before you buy this pair with your take profit at 114.04 and stop loss at 110.98. As long as USD is contained above 111.92-111.73, only long positions can be advisable.

Trade recommendation

Wait for a correction to 111.92-111.73 it to buy USD with your take profit at 114.04 and stop loss at 110.98.

Imelda Maseno
Analyst of «FreshForex» company
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