We're short towards 104.96 | 17 March 2020

17 March 2020, USD/JPY

We're short towards 104.96

Technical observation

Yesterday USD declined after a rebound at the resistance zone 108.18-107.99 and today, more bearish movements of price can be expected towards the supportive level 104.96, followed by a clear breakout below it with a big red candle for a further surge to the lower side to the level 101.14. If you sold this pair within the zone 108.18-107.99 after a rejection, at the level 104.96 is the best place to pick your profits. In case there is no penetration below the line 104.96 but a rejection at it, wait for another retracement to the zone 108.18-107.99 and a bounce within it to re-sell this pair.

Trade recommendation

Remain short with your take profit at 104.96.

Imelda Maseno
Analyst of «FreshForex» company
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