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.

Imelda Maseno
Analyst of «FreshForex» company
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