Remain short with your take profit at 106.45 | 03 July 2019

03 July 2019, USD/JPY

Remain short with your take profit at 106.45

Technical observation

The pair on the daily chart above is trading on an increasing bearish momentum below a resistance zone 108.75-108.57 and as long as it is below it only downwards movements can be expected. I expect this momentum to the lower side to continue to the key level 106.45 followed by a possible penetration below it for a further decline in price. If you sold USD within 108.75-108.57 after a bounce, remain short with your take profit at 106.45 and stop loss at 109.58, if this take profit is hit and there’s a clear break below it, wait for a correction to it confirming a further surge to the lower side before you continue short with USD.

Trade recommendation

Remain short with your take profit at 106.45 and stop loss at 109.58.

Imelda Maseno
Analyst of «FreshForex» company
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