03 July 2019, USD/JPY
Technical observation
The pair on the daily chart above is trading on an increasing bearish momentum below a resistance zone 108.75-108.57 and as long as it is below it only downwards movements can be expected. I expect this momentum to the lower side to continue to the key level 106.45 followed by a possible penetration below it for a further decline in price. If you sold USD within 108.75-108.57 after a bounce, remain short with your take profit at 106.45 and stop loss at 109.58, if this take profit is hit and there’s a clear break below it, wait for a correction to it confirming a further surge to the lower side before you continue short with USD.
Trade recommendation
Remain short with your take profit at 106.45 and stop loss at 109.58.