08 March 2019, USD/JPY
Technical observation
USD is currently rallying between a resistance zone 114.76-114.04 and a support 104.60, my expectation is either a correction to 114.76-114.04 followed by a rejection within it for possible downwards momentum towards 104.60, or a decline to 104.60 followed by a clear penetration below it and a correction to it for bearish price rally. In case of a correction to 114.76-114.04, wait for a rejection within it to sell USD with your take profit at 104.60 and stop loss at 116.98, and should price penetrate below 104.60, short this pair at it after a retracement to the broken line. Long positions may only be ideal above 114.76-114.04.
Trade recommendation
Remain flat.
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