22 October 2019, USD/JPY
Technical Observation
Last week, USDJPY Failed to breakout above the daily high 108.928. This is a very significant level and while the price is not able to breakout above it, we choose to remain on the sidelines. Our expectation is that the price should continue to the lower side after hitting the highs of 1087.928. On its way to the lower side, the key lines to look for include 108.388, 108.053, and 107.783, if price goes below these levels, then we'll expect further momentum to the lower side towards 107.513.
Trade Recommendations:
Sell a break below 108.388 with your take profit at 107.783.