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Wait | 19 August 2019

19 August 2019, USD/JPY

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Technical observation

A few weeks ago, USD broke below a support 106.77 before retracing to it twice and was contained below it. Currently it is rising steadily towards the same line and I expect a loss of this upward rally at it followed by possible bearish movements towards the key line 104.64. My advice, wait for a correction to 106.77 and a bounce at it to sell USD with your take profit at 104.64 and stop loss at 107.71. In case this take profit is hit and there is a clear penetration below it with a big red candle, further bearish movements of this pair can be anticipated after a correction to the just broken line and a rejection at it.

Trade recommendation

Wait for a correction to 106.77 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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