Sell USD within 107.99-107.86 | 17 April 2020
17 April 2020, USD/JPY
Technical observation
USD corrected to the resistance zone 107.99-107.86 and it was contained below it. Currently price is trading with an increasing bearish momentum and I expect this bearish rally to continue towards the support 104.96 followed by a clear breakout below it. Within the zone 107.99-107.86 is the best place to pick short positions after a rejection with your take profit at 104.96 and stop loss at 109.06. If this take profit is hit and there’s a clear breakout below it with a big red candle, continue short with this pair towards the lowest supportive level 102.28 after a correction to the just broken line and a rejection at it.
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.
