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Wait for a correction to sell USD.

Wait for a correction to sell USD. | 11 June 2019

11 June 2019, USD/JPY

Wait for a correction to sell USD.

Technical observation

On the daily chart above price went down below a supportive zone 108.99-108.74 with a big red candle and is currently trading below it on an increasing bullish bias, I expect a loss of this upwards momentum within the zone for bearish price rally towards the key line 106.44 and a possible breach below it for a further decline in price. My advice, wait for a retracement to the zone 108.99-108.74 and a rejection within it to sell USD with your take profit at 106.44 and stop loss at 109.75. In case of a clear break below 106.44, continue short with this pair after a correction and a bounce at it confirming further bearish price rally.

Trade recommendation

Wait for a correction to 108.99-108.74 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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