still short towards 104.96 | 06 May 2020
06 May 2020, USD/JPY
Technical observation
On the daily chart above, price continues to decline towards the support 104.96 following a bounce within the resistance zone 107.99-107.79. Remain short with this pair with your take profit at 104.96 and stop loss at 108.86. Should there be a clear penetration below the level 104.96, continue short with this USD towards the lower supportive level 102.28. As long as USD is contained below the zone 107.99-107.79, only short positions can be advisable, however, should there be a clear penetration above the zone with a big green candle, you can anticipate bullish price rally towards the resistance line 112.09.
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.
