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Wait for a retracement to sell USD.

Wait for a retracement to sell USD. | 18 July 2019

18 July 2019, USD/JPY

Technical observation

Yesterday USD declined to the supportive level 107.78 and penetrated below it with a big red candle, price is still trading below the line on an increasing bearish momentum and my expectation is correction to the just broken level followed by a bounce at it for bearish price rally toward the line 106.82 and a possible penetration below it too for a further decline in price. My advice, wait for correction to the line 107.78 and a rejection at it to sell USD with your take profit at 106.82 and stop loss at 108.10. As it is on the 4-hour chart above, only short positions look ideal and may be recommended for the pair above.

Trade recommendation

Wait for correction to 107.78 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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