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Wait for a correction

Wait for a correction | 04 June 2019

04 June 2019, USD/JPY

Wait for a correction

Technical observation

USD corrected itself to the line 108.69 but could not reach it and was rejected below it, price is currently rising towards the same level and I expect a rejection of it at the key line for bearish momentum of USD towards the support 107.51 followed by a penetration below it for a further decline in price. I would advise you wait for a correction to the line 108.69 and a rejection at it to sell USD with your take profit at 107.51 and stop loss at 109.08, if this take profit is hit and there’s a clear breach below it, wait for a pullback to it and a rejection confirming further bearish rally of this pair before you continue short.

Trade recommendation

Wait for a correction to 108.69 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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