Sell USD at 106.77 | 16 August 2019

16 August 2019, USD/JPY

Sell USD at 106.77

Technical observation

Yesterday USD retraced to the resistance level it established around 106.77 and was rejected at it, I expect bearish movements of this pair towards the key level 106.64 followed by a clear penetration below it with a big red candle for a further surge to the lower side. My advice, sell this pair at the line 106.77 with your take profit at 104.64 and stop loss at 107.71, in case of a break below 104.64, wait for a correction to it confirming further bearish rally of USD before you continue short with this pair. As long as USD is contained below 106.77, only short positions can be recommended on the daily chart above.

Trade recommendation

Sell USD at 106.77 with your take profit at 104.64 and stop loss at 107.71.

Imelda Maseno
Analyst of «FreshForex» company
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