Remain neutral temporarily. | 28 January 2019
28 January 2019, USD/JPY
Technical observation
On the 4hour chart above, price is declining steadily towards a supportive zone 109.09-108.93, my expectation is a rejection within it followed by possible bullish price rally towards 111.45, you can remain neutral temporarily and wait for a bounce within 109.09-108.93 to buy USD with your take profit at 111.45 and stop loss at 108.25.If there is a breakout above 111.45 more bullish price rally will be expected towards 113.71.In case of a clear penetration below 108.93 wait for a correction to it confirming possible bearish price rally before you sell USD.Right now as long as it is contained above 109.09-108.93 only long positions can be advisable.
Trade recommendation
Remain neutral temporarily.
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.
