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Remain short

Remain short | 01 April 2020

01 April 2020, USD/JPY

Remain shortRemain short

Technical observation

Following a rebound within the resistance zone 108.54-108.34, USD has been declining steadily and I still expect more of this bearish rally towards the key level 105.40. If you picked short position within the zone 108.54-108.34 after a rejection, remain in the trade with your take profit at 105.40 and stop loss at 109.46. Should there be a clear breach below the level 105.40, USD could plummet further towards the lowest level 102.11, and you can continue short with this pair after a correction to the broken level. On the chart above long positions can only be recommended above 108.54-108.34 towards 111.62.

Trade recommendation

Remain short with your take profit at 105.40.

Imelda Maseno
Analyst of «FreshForex» company
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