Forex Technical Analysis: Trend potential – Sell USD within 109.98-209.75

USDJPY – Down

Sell USD within 109.98-209.75

Technical observation

USD established a resistance zone around 109.98-209.75 and is rallying within it, yesterday price did not rally downwards as expected and instead closed as a bullish candle within the zone. USD is still rallying within the above mentioned zone and as long as it is contained below it only short positions may be advisable. If you went short yesterday within the zone you can hold on to that position with your take profit still at 107.43, but if you had not sold this pair yet you can still sell it now within 109.98-209.75 with your take profit at 107.43 and stop loss at 110.97, in case of a break below 107.43 more bearish rally towards 104.63 will be expected.

Trade recommendation

Sell USD within 109.98-209.75 with your take profit at 107.43 and stop loss at 110.97.

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