We're short towards 106.39 | 11 May 2020
11 May 2020, USD/JPY
Technical observation
USD pulled back to the resistance zone it established around 106.96-106.92 and could not penetrate above it. Price bounced within the zone 106.96=106.92 and is currently trading with an increasing bearish momentum. The ideal place to sell this commodity was within the above-mentioned zone after a bounce. If you sold USD within 106.96-106.92, remain short with your take profit at 106.39 and stop loss at 107.13. However, if you are currently flat with this pair, wait for another correction to the zone 106.96-106.92 and a rejection within it to sell USD. I can only recommend long positions above the zone 106.96-106.92.
Trade recommendation
Remains short with your take profit at 106.39.
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.
