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still short towards 104.96

still short towards 104.96 | 21 April 2020

21 April 2020, USD/JPY

still short towards 104.96still short towards 104.96

Technical observation

Since its rejection within the resistance zone 107.99-107.86, USD has been declining at a snail pace, however, this bearish movements is still expected towards the supportive level 104.96. If you sold this pair within the zone 107.99-107.86, continue short with this pair with your take profit at 104.96 and stop loss at 108.86. If this take profit is hit and there is a clear penetration below it, continue short with this pair towards the key level 102.28 after a correction to the just broken line. As it is on the daily chart above, as long as price is contained below 107.99-107.86 only short positions can be recommended.

Trade recommendation

Remain short with your take profit at 104.96.

Imelda Maseno
Analyst of «FreshForex» company
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