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Wait for a retracement to sell.

Wait for a retracement to sell. | 27 January 2020

27 January 2020, USD/JPY

Wait for a retracement to sell.

Technical observation

USD penetrated below a supportive zone 109.75-109.62 with a big red candle and then continued downwards. On the daily chart above, price also gapped to the lower side and it could plummet towards the level 106.77. The current candle is rallying on an increasing bullish bias and I expect a loss of this movement within the zone 109.75-109.62. My advice, remain flat and wait for a correction to the zone mentioned above and a rejection within it to sell USD with your take profit at 106.77 and stop loss at 110.34, if this take profit is hit and there’s a clear breach below it, more bearish movement can be expected.

Trade recommendation

Wait for a correction to 109.75-109.62 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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