Wait for a penetration below 107.78 to sell USD. | 16 July 2019

16 July 2019, USD/JPY

Wait for a penetration below 107.78 to sell USD.

Technical observation

USD is trading above a supportive level it established around 107.78 on an increasing bearish momentum and i expect a clear penetration below the line with a big red candle followed by a correction to it for bearish price rally towards 106.82.Wait for a penetration below 107.78 and a pullback to it to sell USD with your take profit at 106.82 and stop loss at 108.17.In case there’s no breakout below 107.78 but a rise to 108.68-108.58, wait for a rejection within it to re-sell USD with your take profit at 107.78 and stop loss at. Bullish movements of this pair may only be expected above the zone 108.68-108.58 towards 109.70.

Trade recommendation

Wait for a penetration below 107.78 and a pullback to it to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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