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Short towards 106.39

Short towards 106.39 | 14 May 2020

14 May 2020, USD/JPY

Short towards 106.39

Technical observation

On the hourly chart above, price penetrated below the supportive zone 106.69-106.92 then retraced to it and was contained below it. After a rejection within the zone mentioned above, this pair has been trading with an increasing bearish momentum and I expect this bearish price rally to continue to the supportive zone marked around 106.39-106.36 followed by a possible breakout below it. If you sold USD within the zone 106.69-106.92 after a bounce, remain short with your take profit at 106.39 and stop loss at 107.09. As long as price is contained below the zone 106.69-106.92, only short positions are ideal.

Trade recommendation

Remain short with your take profit at 106.39.

Imelda Maseno
Analyst of «FreshForex» company
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