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we're short towards 107.78.

we're short towards 107.78. | 02 July 2019

02 July 2019, USD/JPY

we're short towards 107.78.

Technical observation

Yesterday USD was rejected around the resistance zone 108.68-108.58 as I had predicted and since then it has been rallying downwards, my expectation is a surge to the lower side to the support 107.78 followed by a breakout below it for a further decline in price, if you sold this pair yesterday within 108.68-108.58, remain short with your take profit at 107.78 and stop loss at 109.13 but if you’re currently neutral, remain so and wait for either another correction to 108.68-108.58 and a rejection within it to sell USD, or a clear penetration below 107.78 and a correction to it confirming bearish movement of price before you sell.

Trade recommendation

Remain short towards 107.78.

Imelda Maseno
Analyst of «FreshForex» company
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