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Wait for a correction to 111.92-111.75 to buy USD.

Wait for a correction to 111.92-111.75 to buy USD. | 19 April 2019

19 April 2019, USD/JPY

Wait for a correction to 111.92-111.75 to buy USD.

Technical observation

USD is still trading around the supportive zone 111.92-111.75 and i expect a bounce within it for bullish price rally towards the line 114.04 followed by a clear breakout above it with a big green candle for a further rise in price. You can wait for a pull back to 111.92-111.75 and a rejection within it to buy USD with your take profit at 114.04 and stop loss at 111.10, in case price is not rejected within the zone mentioned above but clear penetrates below it with a big red candle, wait for a retracement to the just broken zone and a rejection within it confirming possible bearish momentum of price before you sell USD.

Trade recommendation

Wait for a correction to 111.92-111.75 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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