30 January 2020, USD/JPY
Technical observation
USD corrected itself to the resistance zone 109.75-109.62 it had penetrated below but did not reach it. Price was rejected below the zone before rallying downwards and I still expect more bearish momentum towards the zone 107.24-107.07 followed by a penetration below it for a further decline towards the level 104.44. If you picked short positions after a bounce around the zone 109.75-109.62, remain short with your take profit at 107.24 and stop loss at 110.36. As long as USD is contained below the zone 109.75-109.62, only short positions look ideal and can be recommended.
Trade recommendation
Remain short with your take profit at 107.24.