Remain flat | 29 April 2020
29 April 2020, USD/JPY
Technical observation
After its rejection within the zone 107.33-107.29, USD declined steadily up to a supportive level 106.62 and was rejected at it. Currently this pair is trading above the supportive level mentioned above with an increasing bearish momentum and I expect a possible penetration below it with a big red candle. If you sold USD yesterday within the zone 107.33-107.29 after a rejection, at the level 106.62 was the ideal place to pick your profits. Right now my advice, remain flat and wait for a clear penetration below 106.62 with a big red candle and a correction to it followed by a bounce to short USD.
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.
