We're short towards 104.96 | 30 April 2020
30 April 2020, USD/JPY
Technical observation
USD corrected to the zone 107.99-107.79 but could not penetrate above it and was rejected. Currently it is rallying with an increasing bearish momentum toward the supportive level 104.96 and I expect a possible breakout below it. If you sold USD within the above-mentioned zone after a bounce, remain short with your take profit at 104.96 and stop loss at 109.08. Continue short with this pair towards the key level 102.28 in case of a breach below 104.96 followed by a correction and a rejection at it. As long as USD is contained below the resistance zone 107.99-107.79, only short positions can be recommended.
Trade recommendation
Remain short 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.
