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Wait for a correction to 108.45-108.40

Wait for a correction to 108.45-108.40 | 06 Junio 2019

06 Junio 2019, USD/JPY

Wait for a correction to 108.45-108.40

Technical observation

USD is trading below a resistance zone 108.45-108.40 on an increasing bullish momentum and I expect a loss of this upwards movement within the zone for bearish price rally towards the line 107.81 and a possible penetration below it for a further decline in price. Wait for a pullback to 108.45-108.40 and a bounce within it to sell USD with your take profit at 107.81 and stop loss at 108.65. Should there be no rejection of price within 108.45-108.40 but a clear breakout above it with a big green candle, wait for a retracement and a rejection within it before you pick long positions with your take profit at 109.01.

Trade recommendation

Wait for a correction to 108.45-108.40 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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