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Wait for a correction to sell.

Wait for a correction to sell. | 28 June 2019

28 June 2019, USD/JPY

Technical observation

On the 4-hour chart above, price retraced to a resistance line 107.78 and broke above it with a big green candle, however, it could not be contained above it and ended up breaking below the line. Currently USD is trading on an increasing bearish momentum below the just broken line and I expect a retracement to it followed by a rejection at it confirming possible bearish price rally towards the line 105.85. Wait for a correction to 107.78 and a bounce at it to sell USD with your take profit at 106.82 and stop loss at 108.16, if this take profit is triggered and there’s a clear breach below it then more downwards movement can be expected.

Trade recommendation

Wait for a correction to 107.78 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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