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Wait for a correction to 108.68 to sell USD.

Wait for a correction to 108.68 to sell USD. | 03 June 2019

03 June 2019, USD/JPY

Wait for a correction to 108.68 to sell USD.

Technical observation

Following the rejection of this pair at the resistance line 109.68, USD declined steadily breaking below a supportive level 108.68.Right now price is trading on an increasing bullish momentum and i expect a loss of this movement at the line 108.68 for bearish price rally towards the line 107.51,wait for a correction to the line 108.68 and a rejection at it to sell USD with your take profit at 107.51 and stop loss at 109.07, if this take profit is hit and there’s a clear breach below it with a big red candle, wait for a retracement to it and a bounce at it confirming further bearish price rally before you continue short with this pair.

Trade recommendation

Wait for a correction to 108.68 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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