22 августа 2019, USD/JPY
Technical observation
Yesterday USD rose towards the level 106.77 but closed below it and while the price is below this level, I expect a plunge to the lower side towards 104.64. If you went short at 106.77 after a rejection, remain in the trade with your take profit at 104.64 and stop loss at 107.58 and if you are currently flat, you can still sell USD now at 106.77. In case price hits the level 106.77 and there is a clear breakout below it, further bearish movements of this pair can be anticipated. On the daily chart above long positions may only be advisable should there be a clear breach above 106.77 followed by a retracement to it.
Trade recommendation
Sell USD at 106.77 with your take profit at 104.64 and stop loss at 107.58.
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