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Sell USD within 108.54-108.34

Sell USD within 108.54-108.34 | 31 March 2020

31 March 2020, USD/JPY

Sell USD within 108.54-108.34

Technical observation

On the 4 hour chart above USD is trading below a zone 108.54-108.34 it recently broke below with an increasing bullish bias. I expect a loss of this upward movement within the above-mentioned zone followed by a possible bearish price rally towards the key level 105.40. My advice, remain flat and wait for a correction to the zone 108.54-108.34 and a bounce within it to sell USD with your take profit at 105.40 and stop loss at 109.46. Should there be a clear penetration below the supportive level 105.40 with a big red candle, further bearish movements towards the lowest supportive level 102.11 can be expected.

Trade recommendation

Sell USD within 108.54-108.34 with your take profit at 105.40.

Imelda Maseno
Analyst of «FreshForex» company
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