Remain short towards 106.77. | 31 July 2019

31 July 2019, USD/JPY

Remain short towards 106.77.

Technical observation

USD went down as had been predicted yesterday and I still expect more of this bearish rally towards the key line 106.77, if you went short within the zone 108.86-108.68 remain short with your take profit at 106.77 and stop loss at 109.61 but if you are not short yet you can still sell this pair now and if you are a bit sceptic to do so wait for either another correction to the zone 108.86-108.68 and a rejection within it or a clear breach below 106.77 followed by a pullback to it to sell USD. Should there be a breakout above 108.86-108.68 with a big green candle then bullish momentum towards the line 110.98 can be expected.

Trade recommendation

Remain short with your take profit at 106.77.

Imelda Maseno
Analyst of «FreshForex» company
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