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Watch for a sell around 110.420 towards 108.490

Watch for a sell around 110.420 towards 108.490 | 09 July 2021

09 July 2021, USD/JPY

Watch for a sell around 110.420 towards 108.490

Technical Observation:

The USDJPY rallied significantly to the lowerside, went below the two moving averages and also below the lower trendline, while we continue to see sustaince below these moving averages and also below the trendline, I expect nothing but a possible momentum to the lowerside. Currently there is a surrge to the upperside, this is just a retracement and should not end up above the same trendline. If price rebound from the two moving averages from the lower trendline, then this will be a good place to consider a possible long term sell positions, the idea is to wait for a possible sell position towards 107.89. On its way downwards, the key lines to focus on are 109.320, 108.215 and 107. If the price breaks below these leevels, then we are sellers.
Trade Recommendations:
Watch for a sell around 110.420 towards 108.490
Imelda Maseno
Analyst of «FreshForex» company
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