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Remain short towards 101.76

Remain short towards 101.76 | 12 March 2020

12 March 2020, USD/JPY

Technical observation

USD corrected itself to the resistance zone it established around 105.27-105.03 and was rejected before rallying downwards. I expect further bearish price rally towards the key level 101.76 followed by a clear penetration below it for more downward movements. If you sold this pair within the zone 105.27-105.03 after a bounce, remain short with your take profit at 101.76 and stop loss at 106.36. In case there is a breach below the level 101.76, wait for a correction to it to confirm further bearish movements of price before you continue short with this pair. On the chart above only short positions can be advisable.

Trade recommendation

Remain short with your take profit at 101.76 and stop loss at 106.36.

Imelda Maseno
Analyst of «FreshForex» company
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