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Wait for a correction to 111.62-111.44 to buy USD.

Wait for a correction to 111.62-111.44 to buy USD. | 06 March 2019

06 March 2019, USD/JPY

Wait for a correction to 111.62-111.44 to buy USD.

Technical observation

USD corrected to the lower side but did not reach the zone 111.62-111.44, I still expect more bearish movements towards the zone and a rejection within it for bullish price rally towards 114.03. Wait for the correction to 111.62-111.44 and a rejection within it to buy USD with your take profit at 114.03 and stop loss at 110.76, in case there’s no rejection within 111.62-111.44 but a clear breakout below it with a big red candle, wait for a correction to it to confirm possible bearish movements of price before you sell this pair. Right now as long as USD is contained above 111.62-111.44 only long positions look ideal and may be advisable.

Trade recommendation

Wait for a correction to 111.62-111.44 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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