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We're short

We're short | 20 April 2020

20 April 2020, USD/JPY

Technical observation

Since its rejection within the resistance zone 107.99-107.86, USD has been trading with an increasing bearish bias and I still expect further bearish movements towards the key level 104.96 followed by a clear breach below it. If you sold this pair within the zone 107.99-107.86 after a bounce, remain short with your take profit at 104.96 and stop loss at 109.06. However, if you are currently neutral with this pair remain so and wait for either another correction to the above mentioned zone and a rejection within it to sell USD or, a clear breakout below the line 104.96 followed by a pullback to it and a bounce to sell USD.

Trade recommendation

Remain short with your take profit at 104.96.

Imelda Maseno
Analyst of «FreshForex» company
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