25 July 2019, USD/JPY
Technical observation
On the chart above price is trading below a resistance zone 108.74-108.58, I expect arise to the zone followed by a bounce within it for bearish price movements towards the key level 107.16 followed by a penetration below it for a further decline towards the lowest supportive line marked at 105.32. My advice, wait for a correction to the above mentioned zone and a bounce within it confirming possible bearish price rally before you sell USD with your take profit at 107.16 and stop loss at 109.59. AS long as the pair on the chart above is contained below the zone 108.74-108.58 only short positions look ideal and may be advisable.
Trade recommendation
Wait for a correction to 108.74-108.58 to sell USD.
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