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Wait for a correction to 111.76.111.69 to sell USD

Wait for a correction to 111.76.111.69 to sell USD | 02 May 2019

02 May 2019, USD/JPY

Wait for a correction to 111.76.111.69 to sell USD

Technical observation

USD is correcting to a zone 111.76.111.69 and my expectation is a bounce within it for a possible surge to the lower side, wait for a pullback to 111.76.111.69 to sell USD with your take profit at 110.91 and stop loss at 112.02, in case of a penetration below 110.91, more bearish momentum of price towards the key line 110.02 can be anticipated. On the 4hour chart above, upwards momentum of USD may only be expected in case of a clear breach above 111.76.111.69 with big green candle and a correction to it, but as long as price is contained below 111.76.111.69, only short positions look ideal and may be advisable.

Trade recommendation

Wait for a correction to 111.76.111.69 to sell USD with your take profit at 110.91 and stop loss at 112.02.

Imelda Maseno
Analyst of «FreshForex» company
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