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Remain long towards 111.76

Remain long towards 111.76 | 22 January 2020

22 January 2020, USD/JPY

Technical observation

A week ago, USD penetrated above a resistance zone it had established around 109.75-109.62 with a big green candle, price then retraced to the just broken zone but could not penetrate below it and was rejected. I expect bullish movements of USD towards the key level 111.76 followed by a possible breach above it for a further increase in price. If you bought this pair yesterday within the zone 109.75-109.62 after a bounce, hold on to that position with your take profit at 111.76 and stop loss at 109.01.In case there is a clear breach below the zone 109.75-109.62 then price could plummet towards the level 106.77.

Trade recommendation

Remain long with your take profit at 111.76.

Imelda Maseno
Analyst of «FreshForex» company
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