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Buy USD within 111.76-111.69

Buy USD within 111.76-111.69 | 24 April 2019

24 April 2019, USD/JPY

Buy USD within 111.76-111.69

Technical observation

On the chart above, price went up for a few hours before retracing to the zone 111.76-111.69, currently USD is trading on an increasing bearish momentum towards the zone and my expectation is a rejection within it for upwards movement of price. My advice, wait for a correction t 111.76-111.60 and a bounce within it to buy USD with your take profit at 112.66 and stop loss at 111.47.Should there be no rejection within the zone111.76-111.69 but a clear breach below it with a big red candle, wait for a correction to the just broken zone and rejection within it confirming possible bearish momentum before you sell USD.

Trade recommendation

Buy USD within 111.76-111.69 with your take profit at 112.66 and stop loss at 111.47.

Imelda Maseno
Analyst of «FreshForex» company
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