Remain neutral temporarily | 28 February 2020

28 February 2020, USD/JPY

Remain neutral temporarily

Technical observation

USD continues to retrace to the supportive zone it established around 109.74-109.62. I expect a clear breakout below this zone with a big red candle followed by a retracement. Remain neutral temporarily and wait for a break below supportive zone 109.74-109.62 followed by a retracement to it to sell USD. On your way downwards, the key levels to look for include 107.96, 106.63 and 104.45. In case USD is not contained below the zone 109.74-109.62 and price rises above it, then the breakout seen below this zone was false and possible bullish movements can be anticipated after a retracement to the zone.

Trade recommendation

Remain flat temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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