Remain short | 07 May 2019

07 May 2019, USD/JPY

Remain short

Technical observation

Yesterday USD corrected to the key resistance line 110.91 as predicted and could not penetrate above it, it was rejected at the line and is currently moving downwards towards the support level 110.07, in case you sold this commodity at 110.91 after a rejection, hold on to that position with your take profit at 110.07 and stop loss at 111.15, if you had not sold it yet, you can wait for either another correction to 110.91 to sell USD or a clear breakout below the line 110.07 followed by a correction and a rejection at it to sell USD. On the 4 hour chart above only short positions look ideal and may be recommended.

Trade recommendation

Remain short with your take profit at 110.07 and stop loss at 111.15.

Imelda Maseno
Analyst of «FreshForex» company
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