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Wait for a breakout

Wait for a breakout | 05 June 2019

05 June 2019, USD/JPY

Wait for a breakout

Technical observation

For the past two weeks USD has been declining steadily towards a level 107.95 and currently price is trading at the line on an increasing bearish momentum, I expect a possible break below the line followed by a correction to it for bearish price rally towards 100.57, my advice, wait for a clear penetration below the line 107.95 and a retracement to it to sell USD with your take profit at 100.57 and stop loss at 109.93, in case there’s a decline to 100.57 and a penetration below it then more downwards movements of this pair can be expected. Only short positions can be recommended on the weekly chart above.

Trade recommendation

Wait for a breakout below 107.95 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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