26 Marzo 2019, USD/JPY
Technical observation
On the 4 hour chart above, price is rallying below a key resistance line 110.28 on an increasing bearish bias, I expect more of this movement towards the key line 108.73 followed by a clear break below it for a further decline towards the line 106.73, in case you sold USD at 110.28 after a bounce, hold on to that position with your take profit at 108.73 and stop loss at 110.53, continue short after a break below 108.73 with a big red candle and a retracement to it. In case price clearly penetrates above 110.28, wait for a correction to it and a rejection to confirm possible bullish price rally before you buy USD with your take profit at 111.62.
Trade recommendation
Remain short with your take profit at 108.73 and stop loss at 110.53.
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