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still short

still short | 04 May 2020

04 May 2020, USD/JPY

Technical observation

Following its rejection within the resistance zone 107.99-107.79, USD has been declining steadily towards the supportive level 104.96. I expect further bearish movements today towards the level 104.96 followed by a clear breakout below it with a big red candle. If you sold this pair within the zone 197.99-107.79 after a rejection, remain short with your take profit at 104.96 and stop loss at 108.84. In case of a clear breakout below the line 104.96 with a big red candle, wait for a correction and a rejection at it to continue short with this pair towards the lower supportive level marked at 102.28.

Trade recommendation

Remain short with your take profit at 104.96.

Imelda Maseno
Analyst of «FreshForex» company
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