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Wait | 16 April 2020

16 April 2020, USD/JPY

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Technical observation

USD continues to rally below the zone it recently penetrated below,107.99-107.86. A retracement to the just broken zone followed by a rejection within it is expected for a possible surge to the lower side. Wait for a correction to the zone 107.99-107.86 and a rejection within it to sell this pair with your take profit at 104.96 and stop loss at 108.86. In case there is a clear penetration below the level 104.96, further downwards momentum towards the key level 102.28 or even lower is expected. On the daily chart above, long positions can only be recommended above the zone 107.78-107.86 after a bounce.

Trade recommendation

Wait for a correction to the zone 107.99-107.86.

Imelda Maseno
Analyst of «FreshForex» company
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