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Wait for a retracement to buy.

Wait for a retracement to buy. | 06 February 2020

06 February 2020, USD/JPY

Wait for a retracement to buy.

Technical observation

Yesterday, USD pulled intensely to the upper side penetrating above a resistance zone 109.75-109.62. This is a bullish dominance signal and while price is above this supportive zone, I expect a rally to the upper side. In the meantime, I am waiting for a correction to the just broken zone followed by a rejection within it to confirm a possible momentum to the upper side. Pick long position within the zone 109.75-109.62 after a rejection with your take profit at 111.76 and stop loss at 108.71. Remain long in case of a clear breakout above the key level 111.76 followed by a correction to it.

Trade recommendation

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

Imelda Maseno
Analyst of «FreshForex» company
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