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Sell a break below 23.6% fib level.

Sell a break below 23.6% fib level. | 03 December 2019

03 December 2019, USD/JPY

Sell a break below 23.6% fib level.

Technical Observation

Swing high established around 109.70, USDJPY then rallied to the lowerside but could not go below the 23.6% fib level, I expect a steep momentum to the lowerside and should break below 23.6% fib level, towards 38.2% fib level, and if this last take profit is taken out, then a momentum towards 50.0% fib level. On this chart, only sell positions looks ideal, but should the price rally to the upperside and break above the swing high, then we are buyers with our take profit at 110.00 the next take profit being 112.00.

Trade Recommendations:

Sell a break below 23.6% fib level.

Imelda Maseno
Analyst of «FreshForex» company
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