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Wait for a retracement

Wait for a retracement | 27 February 2020

27 February 2020, USD/JPY

Wait for a retracement

Technical observation

On the chart above, USD is pulling back to a supportive zone 109.74-109.62 and I expect a rejection within it for bullish price rally towards the resistance 112.37. Wait for a retracement to 109.74-109.62 and a bounce within it to buy USD with your take profit at 112.37 and stop loss at 108.87. Continue long with this pair after a clear penetration above 112.37 with a big green candle followed by a correction to it. Should there be a clear breakout below 109.74-109.62 with a big red candle, wait for a pullback to the just broken zone and a rejection within it before you pick short position with your take profit at 106.76.

Trade recommendation

Wait for a retracement to 109.74-109.62 and a bounce within it to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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