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Remain short with your take profit at 108.68

Remain short with your take profit at 108.68 | 31 May 2019

31 May 2019, USD/JPY

Technical observation

Yesterday USD corrected to the resistance level 109.68 as predicted and could not penetrate above it then was rejected at it before rallying downwards towards a support 108.68.Right now price is still trading on an increasing bearish momentum and I expect more of this movement today to the line 108.68 followed by a clear penetration below it for a further surge to the lower side to the key line 107.51.If you went short with this pair at 109.68 after a bounce, remain short with your take profit at 108.68 and stop loss at 109.93 but if you are not in a trade yet, remain neutral and wait for a breach below 108.68 and a correction to sell USD.

Trade recommendation

Remain short with your take profit at 108.68 and stop loss at 109.93.

Imelda Maseno
Analyst of «FreshForex» company
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