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Wait for a correction to re-sell

Wait for a correction to re-sell | 05 March 2020

05 March 2020, USD/JPY

Wait for a correction to re-sell

Technical observation

On the daily chart above, price retraced to the lower trend line but was rejected at it and could not break above it. USD then declined towards a supportive level 106.75 and did not break below it. Yesterday price rose towards the same trend line indicated on the chart above but did not reach it and i expect more bullish movements today towards the line followed by a rejection at it to re-sell USD with my take profit at 106.75 and stop loss at 109.28. Should there be a clear breakout below the level 106.75 with a big red candle, I expect a retracement to it followed by a rejection for further bearish rally towards 104.43.

Trade recommendation

Wait for a correction to re-sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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