27 May 2019, USD/JPY
Technical observation
On the weekly chart above, USD is trading around a key level 107.79; I expect a decline to the line followed by a breach below it with a big red candle and a correction to it for downward momentum of USD. My advice, wait for a breakout below 107.79 and a correction to it to sell USD with your take profit at 101.04 and stop loss at 109.80, if this take profit is hit and there’s a clear breach below it then further bearish rally of this pair can be expected. On the weekly chart above only short positions look ideal and may be recommended, bullish movements of this pair can only be expected in case of a break above 114.71-114.4.
Trade recommendation
Remain neutral.
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