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Remain short

Remain short | 08 July 2019

08 July 2019, USD/JPY

Remain short

Technical observation

USD pulled back to a resistance zone 108.75-108.57 but could not break above it, price was rejected within the zone and is currently trading on an increasing bearish bias, I expect this downwards movement to continue towards the support 106.45 followed by a breach below it, if you sold this pair within 108.75-108.57 hold on to that position with your take profit at 106.45 and stop loss at 109.52 but if you’re not in a trade yet, you can wait for either another correction to 108.75-108.57 and a bounce within it, or a clear breakout below 106.45 followed by a correction and a rejection at it to sell this pair.

Trade recommendation

Remain short with your take profit at 106.45.

Imelda Maseno
Analyst of «FreshForex» company
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