Wait for a correction to 109.68 | 28 May 2019
28 May 2019, USD/JPY
Technical observation
On the 4 hour chart above, USD is trading below a resistance level 109.68 and my expectation is a correction to it and a rejection of price at it for bearish momentum. My advice, wait for a retracement to 109.68 and a bounce at it to sell USD with your take profit at 108.68, more downward movement of this pair towards the lowest key line 107.51 can be expected should there be a clear breakout below 108.68 followed by a correction to it. As long as USD is contained below the line 109.68, only short positions look ideal and may be recommended. On the chart above long positions may only be advisable above 109.68.
Trade recommendation
Wait for a correction to 109.68 to sell USD with your take profit at 108.68 and stop loss at 109.99.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
