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Remain short towards 104.96

Remain short towards 104.96 | 02 April 2020

02 April 2020, USD/JPY

Remain short towards 104.96

Technical observation

On the daily chart above USD corrected to a resistance zone 107.99-107.86 but it did not break above it and was contained. Since its rejection within the above-mentioned zone, USD has been trading on an increasing bearish momentum and I expect this downwards movement to continue towards the key level 104.96. If you sold USD within the zone 107.99-107.086 after a bounce, remain short with your take profit at the level 104.96 and stop loss at 108.69. As long as price is contained below the resistance zone 107.99-109.86, only downwards movements of his pair can be anticipated.

Trade recommendation

Remain short.

Imelda Maseno
Analyst of «FreshForex» company
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