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Wait for a breakout

Wait for a breakout | 14 June 2019

14 June 2019, USD/JPY

Wait for a breakout

Technical observation

USD is trading on an increasing bearish momentum above a supportive zone 107.80-107.12 and my expectation is a clear breach below it with a big red candle followed by a correction to it. If USD penetrates below the zone and corrects to it but gets rejected within it then I expect it to ascend to the lower supportive level 100.16. My advice, wait for a breach below the zone 107.80-107.12 followed by a pullback and a bounce within it to sell USD with your take profit at 100.16 and stop loss at 109.96. On the weekly chart above, only short positions look ideal and may be recommended for the pair above.

Trade recommendation

Wait for a breakout below 107.80-107.12 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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