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Wait for a correction to sell USD

Wait for a correction to sell USD | 13 May 2019

13 May 2019, USD/JPY

Wait for a correction to sell USD

Technical observation

USD is trading below a resistance line 110.15 on an increasing bullish momentum and i expect a correction and a rejection within it for possible bearish rally towards the supportive level 109.09, my advice, wait for a correction to 110.15 and a rejection at it to sell USD with your take profit at 109.09 and stop loss at 110.36, in case of a penetration below 109.09, more bearish momentum of this pair can be anticipated after a correction to the just broken line and a bounce at it confirming a further surge to the lower side. Right now only short positions look ideal and may be advisable for the pair on the 4 hour chart above.

Trade recommendation

Wait for a correction to 110.15 to sell USD with your take profit at 109.09 and stop loss at 110.36.

Imelda Maseno
Analyst of «FreshForex» company
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