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Wait for a correction

Wait for a correction | 09 Marzo 2020

09 Marzo 2020, USD/JPY

Technical observation

On the daily chart above, USD has been declining steadily with an increasing bearish momentum and even gapped to the lowers side. Right now price is trading below a key level marked at 104.43 and I expect a correction to it followed by a rejection for further bearish movements. My advice, wait for a correction to the line 104.43 and a bounce at it to sell USD with your take profit at 101.76 and stop loss at 105.33. In case this take profit is hit and there is a clear breakout below it with a big red candle, further bearish price rally can be expected. On the chart above, only short positions look ideal and can be recommended.

Trade recommendation

Wait for a correction to 104.43 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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