Remain flat temporarily. | 04 January 2019
04 January 2019, USD/JPY
Technical observation
USD rallied to the level 106.74 but could not penetrate below it, price closed above the level and is now correcting to the resistance level 109.39. My expectation is a rejection of it at the line for possible downwards momentum of price towards 106.74 followed by a breakout below it for a further decline towards 104.64.I’ll remain neutral for now and wait for the pullback to 109.39 and a bounce at it to sell USD with my take profit at 106.74 and stop loss at 110.47.Should there be a penetration below106.74, I will wait for a correction to it confirming further bearish price rally before I continue short with this pair towards 104.61.
Trade recommendation
Remain flat temporarily.
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The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
