bearish towards 104.96 | 13 May 2020
13 May 2020, USD/JPY
Technical observation
USD retraced to the resistance zone it established around 107.99-107.79 but could not penetrate above it. Yesterday USD declined and I still expect more bearish price movements towards the supportive level 104.96. If you sold this pair within the above-mentioned zone after a bounce, remain short with your take profit at 104.96 and stop loss at 108.86. In case there is a clear penetration below the line 104.96, I expect further bearish price movements towards the lower supportive level 102.28. As it is on the daily chart above, I can only recommended long positions above the zone 107.99-107.79.
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.
