08 февраля 2019, USD/JPY
Technical observation
USD is still rallying downwards and I expect more of this movement towards 107.43, in case you sold this pair within the zone 109.98-109.75 yesterday, you can hold on to that position with your take profit still at 107.43 but if you did not sell it yesterday, you can still sell it now with your take profit at 107.43 and stop loss at 110.97.Should there be a breach below 107.43, wait for a correction to it before you continue short with USD towards the support 104.63.The general trend for the pair on the daily chart above is downwards making only short positions ideal and recommendable as long as price is contained below 109.75.
Trade recommendation
Remain short with your take profit at 107.43 and stop loss at 110.97.
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