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Buy USD within 109.75-109.62

Buy USD within 109.75-109.62 | 07 February 2020

07 February 2020, USD/JPY

Technical observation

A breakout was seen when price went above a resistance zone 109.75-109.62 with a big green candle and rallied upwards the following day, right now price is rallying on an increasing bearish momentum and I expect a loss of this downward momentum within the just broken zone for possible bullish movement of price. Wait for a correction to the zone 109.75-109.62 and a rejection within it to buy USD with your take profit 111.76 and stop loss at 109.98. Further bullish movements may be expected in case of a clear breakout above the line 111.76 with a big green candle followed by a correction to it.

Trade recommendation

Buy USD within 109.75-109.62 with your take profit 111.76.

Imelda Maseno
Analyst of «FreshForex» company
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