18 April 2019, USD/JPY
Technical observation
On the daily chart above, price is rallying on an increasing bearish momentum towards a supportive zone USD established around 111.92-111.75, I expect a rejection of it within the zone for an upward momentum of this pair towards the key level 114.04 and a possible breach above it for a further rise in price. Remain flat temporarily and wait for a close within the above mentioned zone to buy USD with your take profit at 114.04 and stop loss at 111.01, in case there’s no rejection within 111.92-111.75 but a clear penetration below it, a possible surge to the lower side towards the key level 109.74 can be anticipated.
Trade recommendation
Remain flat temporarily.
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