We're short within 107.99-107.86 | 03 April 2020
03 April 2020, USD/JPY
Technical observation
USD is trading below a resistance zone 107.99-107.86 with an increasing bullish momentum. I expect a loss of this upwards movement within the zone for possible bearish price rally towards the supportive level 104.96 followed by a possible breach below it. My advice, wait for a correction to 107.99-107.86 and a rejection within it to sell USD with your take profit at 104.96. In case this take profit is hit and there’s a clear breakout below it with big red candle, wait for a correction to the just broken level and a rejection at it to confirm further bearish movements before you continue short towards 102.28.
Trade recommendation
Sell USD within 107.99-107.86 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.
