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Wait for a retracement to sell USD.

Wait for a retracement to sell USD. | 08 May 2019

08 May 2019, USD/JPY

Wait for a retracement to sell USD.

Technical observation

Yesterday USD declined to the line 110.07 hitting my take profit, it then breached below the level with big red candle and currently price is trading below it, I expect a correction to the just broken line followed by a rejection at it for further bearish momentum of this pair. Wait for a correction to the just broken line and a bounce at it to sell USD with your take profit at 108.75 and stop loss at 110.29, if this take profit is hit and there’s a clear breakout below it with a big red candle, more bearish momentum of USD can be anticipated. Right now only short positions look ideal and may be advisable on the 4 hour chart above.

Trade recommendation

Wait for a correction to 110.07 and a bounce at it to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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