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We're short towards 104.96

We're short towards 104.96 | 30 April 2020

30 April 2020, USD/JPY

We're short towards 104.96

Technical observation

USD corrected to the zone 107.99-107.79 but could not penetrate above it and was rejected. Currently it is rallying with an increasing bearish momentum toward the supportive level 104.96 and I expect a possible breakout below it. If you sold USD within the above-mentioned zone after a bounce, remain short with your take profit at 104.96 and stop loss at 109.08. Continue short with this pair towards the key level 102.28 in case of a breach below 104.96 followed by a correction and a rejection at it. As long as USD is contained below the resistance zone 107.99-107.79, 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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