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Remain short

Remain short | 30 January 2020

30 January 2020, USD/JPY

Remain short

Technical observation

USD corrected itself to the resistance zone 109.75-109.62 it had penetrated below but did not reach it. Price was rejected below the zone before rallying downwards and I still expect more bearish momentum towards the zone 107.24-107.07 followed by a penetration below it for a further decline towards the level 104.44. If you picked short positions after a bounce around the zone 109.75-109.62, remain short with your take profit at 107.24 and stop loss at 110.36. As long as USD is contained below the zone 109.75-109.62, only short positions look ideal and can be recommended.

Trade recommendation

Remain short with your take profit at 107.24.

Imelda Maseno
Analyst of «FreshForex» company
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