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Wait for a retracement to sell USD.

Wait for a retracement to sell USD. | 15 July 2019

15 July 2019, USD/JPY

Technical observation

On the 4- hour chart above USD declined to the supportive line 107.78 but could not penetrate below It. Right now it is retracing to the resistance zone 108.68-108.58 and I expect a bounce within it for bearish rally towards 107.78, my advice, wait for a correction to 108.68-108.58 and a rejection within it to sell USD with your take profit at 107.78 and stop loss at 109.97.In case USD does not rise to 108.68-108.58 but instead penetrates below the line 107.78 with a big red candle, wait for a pullback and a bounce at it before you sell this pair with your take profit at 106.82 and stop loss at .Right now wait for a retracement to sell.

Trade recommendation

Wait for a retracement to 108.68-108.58 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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