We're short towards 106.29 | 28 April 2020
28 April 2020, USD/JPY
Technical observation
On the hourly chart above, price penetrated below a zone 107.34-107.31 with a big red candle before correcting to it. A few hours a go USD pulled back to the above-mentioned zone and it was contained. I expect bearish price movements towards the supportive level 106.29 and a possible breakout below it. If you sold this pair within the zone 107.34-107.32 after a bounce, remain short with your take profit at 106.29 and stop loss at 107.47. If you are currently flat, wait for another correction to the zone 107.34-107.31 and a rejection to sell USD or a clear breakout below 106.29 and pullback to it.
Trade recommendation
Remain short with your take profit at 106.29.
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.
