Flat | 26 June 2019

26 June 2019, USD/JPY

FlatFlat

Technical observation

Yesterday USD did not break below the line 106.46 instead it was rejected at it and is currently pulling back to the resistance zone it established around 108.81-108.62. I expect a loss of this upward movement within the zone followed by bearish price momentum towards the level 106.46 and a possible breakout below it for a further surge to the lower side. Remain flat and wait for the retracement to 108.81-108.62 to sell USD with your take profit at 104.46 and stop loss at 109.61. Should there be a break above the zone then I expect the value of USD to plummet towards the resistance level around 110.99.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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