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We're short towards 107.08 .

We're short towards 107.08 . | 30 July 2019

30 July 2019, USD/JPY

Technical observation

Yesterday USD did not go down as had been predicted but instead rallied upwards and still could not penetrate above the resistance zone it established around 108.86-108.68. Currently price is trading within the above mentioned zone on an increasing bearish bias and I expect this movement to continue towards the support 107.08 followed by a clear penetration below it. My advice, sell this pair within the zone 108.86-108.68 with your take profit at 107.08 and stop loss at 109.59, in case this line is broken wait for a correction and a rejection at it confirming further bearish price rally before you continue short with USD.

Trade recommendation

Sell USD within 108.86-108.68 with your take profit at 107.08 and stop loss at 109.59.

Imelda Maseno
Analyst of «FreshForex» company
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