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Remain short

Remain short | 15 May 2020

15 May 2020, USD/JPY

Remain short

Technical observation

Recently USD retraced to the resistance zone 107.99-107.79 but bounced within it before rallying downwards. USD is still showing signs of rallying further downwards and i expect this bearish rally to continue to the supportive line 104.96. If you sold USD within the zone 107.99-107.79 after a bounce, remain short with your take profit at 104.96 and stop loss at 108.96. If price hit this take profit and there is a clear breakout below it with a big red candle, wait for a correction to it to confirm further bearish price movements before you continue short with USD towards the lower supportive level 102.28.

Trade recommendation

Remain short with your take profit at 104.96.

Imelda Maseno
Analyst of «FreshForex» company
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