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Wait | 06 March 2020

06 March 2020, USD/JPY

Technical observation

Yesterday USD declined breaking below a resistance level 106.75 with a big red candle. Price is still rallying below this level and i expect a correction to it followed by a rejection for a decline in price. Remain flat temporarily and wait for a correction to the key level 106.75 followed by a rejection at it to sell EUR with your take profit at 104.43 and stop loss at 107.53. If price reaches this take profit and there is a clear breakout below it with a big red candle, a possible surge of the pair on the daily chart to the lower side can be anticipated. Only short positions look ideal on the chart above and may be recommended.

Trade recommendation

Wait for a correction to 106.75 sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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