Remain flat temporarily. | 17 July 2019

17 July 2019, USD/JPY

Remain flat temporarily.

Technical observation

On the 4-hour chart above, price is trading below a resistance zone 108.68-108.58 with an increasing bullish bias. I expect a rise to 108.68-108.58 followed by a loss of this bullish rally within it for possible downwards movement of price towards the level 107.78. My advice, remain flat temporarily and wait for a correction to the zone 108.68-108.58 and a bounce within it to sell USD with your take profit at 107.87 and stop loss at 108.99, should there be a clear breakout below 107.78, wait for a retracement to it before you continue short with this pair towards the lowest supportive level 106.82.

Trade recommendation

Remain flat temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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