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Still long towards 111.00

Still long towards 111.00 | 17 February 2020

17 February 2020, USD/JPY

Still long towards 111.00

Technical observation

USD retraced to a zone it penetrated above 109.74-109.62 and could not break below it. Price was contained above the zone and is now showing signs of rallying upwards towards the key line 111.00. If you bought USD within 109.74-109.62 after a rejection, remain long with your take profit at 111.00 and stop loss at 108.96. If this take profit is reached then I expect further bullish movements towards the level 112.37. As long as USD is contained above the zone 109.74-109.62, only long positions can be recommended. Short positions may only be advisable below the zne109.74-109.62 in case of a breakout.

Trade recommendation

Remain long with your take profit at 111.00.

Imelda Maseno
Analyst of «FreshForex» company
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