Sell USD at 109.68 | 29 May 2019
29 May 2019, USD/JPY
Technical observation
On the 4 hour chart above, price went down from a resistance line 109.68 for some time before retracing to it again but was rejected and continued downwards. Right now USD is correcting to the same level and I expect a rejection of it at the line for bearish price rally towards 108.68 and a breach below it for a further decline in value towards the lowest supportive level 107.51.Wait for a correction to 109.68 and a rejection at it to short USD with your take profit at 108.68 and stop loss at 109.94, if price breaks below the line 108.68, continue short after a retracement with your take profit at 107.51 and stop loss at 109.01.
Trade recommendation
Sell USD at 109.68 with your take profit at 108.68 and stop loss at 109.94.
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.
