Wait for a correction | 25 March 2019

25 March 2019, USD/JPY

Technical observation

USD penetrated below a supportive key line 110.28 with a big red candle and is currently rallying below it. I expect a correction to the just broken line followed by a rejection at it for downwards movement of price towards the key line 108.73 and a possible breakout below it for a further decline towards 106.73.You can wait for the correction to 110.28 and a rejection at it to sell USD with your first take profit at 108.73 and the next at 106.73 with your stop loss at 110.61.The general trend for the pair on the 4hour chart above is downwards making only short positions advisable as only bearish price movements can be anticipated.

Trade recommendation

Wait for a correction to 110.28 to sell USD with your take profit at 108.73 and stop loss at 110.61.

Imelda Maseno
Analyst of «FreshForex» company
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