Sell USD within 108.18-107.99 | 18 March 2020
18 March 2020, USD/JPY
Technical observation
Yesterday USD did not rally downwards but instead corrected to the resistance zone it established around 108.18-107.99. However, price did not break above the zone and was rejected. Bearish momentum towards the supportive level 104.96 can be expected followed by a clear penetration below it. Within the zone 108.18-107.99 is the best place to place a sell order with your take profit at 104.96 and stop loss at 109.25. Continue short with this pair after a clear breakout below the support 104.96 followed by correction at a rejection at it. Long positions may only be recommended above 108.18-107.99.
Trade recommendation
Sell USD within 108.18-107.99 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.
