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Wait for a retracement to 110.85 to sell USD.

Wait for a retracement to 110.85 to sell USD. | 06 May 2019

06 May 2019, USD/JPY

Wait for a retracement to 110.85 to sell USD.Wait for a retracement to 110.85 to sell USD.

Technical observation

On the 4 hour chart above, USD gapped to the lower side penetrating below a supportive level 110.85, currently price is trading on an increasing bullish bias towards the just broken key line and my expectation is a bounce at it for bearish momentum towards the key level 110.02.My advice, wait for a retracement to 110.85 and a rejection at it to short this pair with your take profit at 110.02 and stop loss at 110.07, should there be a clear penetration below 110.02, wait for a retracement to the just broken line and a rejection at it to confirm further bearish movements of price before you continue short with USD.

Trade recommendation

Wait for a retracement to 110.85 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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