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Wait for a correction

Wait for a correction | 11 March 2020

11 March 2020, USD/JPY

Wait for a correction

Technical observation

Yesterday USD rose steadily with a big green candle penetrating above a resistance level 104.42. Currently this pair is trading below a resistance zone 106.81-106.63 and I expect a rise to it followed by a bounce for downwards movements. Wait for a correction to the above-mentioned zone and a rejection within it to sell USD with your take profit at 104.42 and stop loss at 108.01. Should price hit this take profit and break below it, wait for a retracement to the just broken level and a bounce at it before you continue short.

Trade recommendation

Wait for a retracement to 106.81-106.63 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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