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We're short within 109.98-109.75

We're short within 109.98-109.75 | 05 February 2019

05 February 2019, USD/JPY

We're short within 109.98-109.75

Technical observation

Yesterday USD was contained below the resistance zone 109.98-109.75. Right now price is rallying within the zone and as long as it is contained below it only downward movements can be expected towards 107.43 or even lower to 104.63.You can sell this pair now within the zone with your take profit at 107.43 and stop loss at 110.90.In case of a penetration below 107.4, wait for a correction and a bounce at it confirming further bearish price rally before you continue short with USD. Should there be a clear breach above 109.98-109.75 wait for a pullback to the just broken zone and a bounce within it before you pick long positions.

Trade recommendation

Sell USD within 109.98-109.75 with your take profit at 107.43 and stop loss at 110.90.

Do you know against which currencies JPY is the most profitable?

We're short within 109.98-109.75

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Imelda Maseno
Analyst of «FreshForex» company
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