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still short towards 104.96

still short towards 104.96 | 22 April 2020

22 April 2020, USD/JPY

Technical observation

USD is still rallying below the zone 107.99-107.86 with an increasing bearish momentum and I expect this downwards movement to continue to the support level marked at 104.96. In case there is a clear breakout below the line 104.96 with a big red candle, a further decline towards the key level 102.28 can be expected. If you sold this pair within the zone 107.99-107.86, remain short with your take profit at 104.96 and stop loss at 108.84. However, in case there be a clear breach above the zone 107.99-107.86 with a big green candle, a possible surge towards the resistance level 112.09 can be anticipated.

Trade recommendation

Remain short with your take profit at 104.96.

Imelda Maseno
Analyst of «FreshForex» company
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