We're flat | 14 April 2020
14 April 2020, USD/JPY
Technical observation
Yesterday USD went down below a supportive zone it established around 107.99-107.86 with a big red candle and is currently trading below the just broken zone with an increasing bearish momentum. I expect a correction to the zone 107.99-107.86 followed by a rejection within it for possible bearish price rally. Remain flat and wait for a retracement to 107.99-107.86 and a rejection within it to sell USD. In case there is no rejection within the zone but a clear breakout above it then the penetration below it was false and a possible rise towards the key level 112.09 can be expected.
Trade recommendation
Remain flat.
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.
