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Buy USD within 111.90-111.72

Buy USD within 111.90-111.72 | 22 April 2019

22 April 2019, USD/JPY

Technical observation

On the daily chart above, price was rejected within a supportive zone 111.90-111.72 and is currently trading on an increasing bullish momentum, I expect more of this movement towards the key level 114.04 and a possible breach above it for a further rise in price. You can buy USD now within 111.90-111.72 with your take profit at 114.04 and stop loss at 110.98, in case of a break above 114.04, wait for a correction to the just broken line and a rejection at it to confirm further upwards movement of price before you continue long with USD. Should there a penetration below 111.90-111.72 bearish price rally towards the key level 109.75 can be expected.

Trade recommendation

Buy USD within 111.90-111.72 with your take profit at 114.04 and stop loss at 110.98

Imelda Maseno
Analyst of «FreshForex» company
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