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Remain short

Remain short | 23 April 2020

23 April 2020, USD/JPY

Remain short

Technical observation

On the daily chart above, price is still stagnating below the resistance zone 107.99-107.86. I expect either bearish price movements towards the supportive level 104.96 or, a clear breakout above the zone 107.99-107.86 with a big green candle. If you picked short positions within 107.99-107.86 after a bounce, remain short with your take profit at 104.96 and stop loss at 108.88. In case this take profit is hit and there is a clear breakout below it with a big red candle, continue short with this pair towards the lower supportive level 102.28. However, if you are a bit sceptic to trade this pair now, remain flat with USD.

Trade recommendation

Remain short with your take profit at 104.96.

Imelda Maseno
Analyst of «FreshForex» company
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