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Remain short with your take profit at 106.47.

Remain short with your take profit at 106.47. | 19 July 2019

19 July 2019, USD/JPY

Remain short with your take profit at 106.47.

Technical observation

On the daily chart above price is trading towards a supportive level 106.47 on an increasing bearish bias. USD was rejected within a resistance zone 108.86-108.67 and I still expect more of this downwards movement towards the line 106.47 followed by a clear penetration below it. If you went short within the zone mentioned above after a bounce, hold on to that position with your take profit at 106.47 and stop loss at 109.61. In case of a penetration below 106.47, wait for a correction and a rejection at it confirming further downwards movement before you continue short with this pair towards the key level 104.61.

Trade recommendation

Remain short with your take profit at 106.47.

Imelda Maseno
Analyst of «FreshForex» company
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