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Wait for a pullback to sell USD

Wait for a pullback to sell USD | 24 June 2019

24 June 2019, USD/JPY

Technical observation

Recently a breakout was seen when price went below a level 107.64 and is currently trading below it on an increasing bullish bias. I expect a loss of this movement at the line 107.64 followed by a surge towards 105.26. Wait for a pullback to 107.64 and a rejection at it to sell USD with your take profit at 105.26 and stop loss at 108.29, if this take profit is hit and there’s a clear breakout below it with a big red candle, wait for a retracement to it and a rejection confirming further bearish price rally before you continue short with USD. Only short positions look ideal and may be recommended on the daily chart above.

Trade recommendation

Wait for a pullback to 107.64 and a rejection at it to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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