We're short towards 104.96 | 17 March 2020
17 March 2020, USD/JPY
Technical observation
Yesterday USD declined after a rebound at the resistance zone 108.18-107.99 and today, more bearish movements of price can be expected towards the supportive level 104.96, followed by a clear breakout below it with a big red candle for a further surge to the lower side to the level 101.14. If you sold this pair within the zone 108.18-107.99 after a rejection, at the level 104.96 is the best place to pick your profits. In case there is no penetration below the line 104.96 but a rejection at it, wait for another retracement to the zone 108.18-107.99 and a bounce within it to re-sell this pair.
Trade recommendation
Remain short with your take profit at 104.96.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
