Forex Technical Analysis: Trend potential – Sell USD now

USDJPY – Down

Sell USD now

Technical observation

USD established a resistance zone around 109.98-109.75 and is currently trading within it, I expect downward movements of price towards 107.43 followed by a breakout below it for a further decline towards 104.63.You can sell this pair now within the above mentioned zone with your take profit at 107.43 and stop loss at 110.99.In case you sold this pair yesterday within the zone 109.98-109.75 hold on to that position with your take profit still at 107.43.As long as USD is contained below 109.98-109.75 only short positions may be recommended, long positions may only be advisable above 109.98-109.75 towards the resistance 112.52.

Trade recommendation

Sell USD now with your take profit at 107.43 and stop loss at 110.99.

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