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Sell a bounce at 112.08

Sell a bounce at 112.08 | 25 March 2020

25 March 2020, USD/JPY

Technical observation

USD is trading below a resistance line 112.08 with an increasing bullish bias. I expect either a rejection of price at the line followed by a decline to the zone 108.18-107.99, or, a clear penetration above the line with a big green candle and a retracement to it. My advice, in case of a rejection at the line 112.08, you can pick short positions at it with your take profit at 108.18 and stop loss at 112.79. Long positions can only be ideal should there be a clear breakout above the line 112.08 followed by a pullback to it. However, as long as price is below 112.08, only short positions can be recommended.

Trade recommendation

Sell a bounce at 112.08 with your take profit at 108.18.

Imelda Maseno
Analyst of «FreshForex» company
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