Forex Technical Analysis: Trend potential – Sell USD at 109.69

USDJPY – Down

Sell USD at 109.69

Technical observation

USD is trading on an increasing bullish bias below a resistance line 109.69, my expectation is a loss of this upward movement at the line followed by bearish momentum of price towards the supportive level 108.53.You can wait for a correction to 109.69 and a rejection at it to sell this commodity with your take profit at 108.53 and stop loss at 109.95, remain short with this pair towards the key level 107.10 after a breakout below 108.53 and a pullback to it confirming further downwards movement of price. Right now only short positions look ideal and may be recommended for the pair on the 4 hour chart above.

Trade recommendation

Sell USD at 109.69 with your take profit at 108.53 and stop loss at 109.95.

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