08 April 2019, USD/JPY
Technical observation
On the daily chart above price is rallying within a resistance zone 111.83-111.62 on an increasing bullish bias, I expect either a bounce within the zone for bearish price rally towards 109.72, or a clear breakout above the zone with a big green candle followed by a correction to it for bullish movements of this pair towards the key level marked at 114.06.As long as USD is contained below the zone 111.83-111.62, only short positions look ideal and may be advisable. Right now remain flat temporarily and wait for the current candle to close to trade this pair. On your way downwards the lines to look for are 109.72 and 107.61.
Trade recommendation
Remain flat temporarily.
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