We are bearish towards 104.96 | 27 May 2020

27 May 2020, USD/JPY

Technical observation

USD went down yesterday and is still rallying with an increasing bearish momentum. I expect this movement to continue to the supportive line 104.96 followed by a clear breach below it for further bearish rally towards the lower supportive level 102.28. If you sold this pair within the zone 107.99-107.79 after a rejection, remain short with your take profit at 104.96 and stop loss at 108.86. Should there be a clear breakout above the zone 107.99-107.79 with a big green candle, wait for a pullback to the just broken zone and a rejection within it to confirm possible bullish price rally before you pick long positions towards 112.09.

Trade recommendation

Remain short with your take profit at 104.96.

Imelda Maseno
Analyst of «FreshForex» company
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