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Wait for a correction to buy USD

Wait for a correction to buy USD | 20 March 2020

20 March 2020, USD/JPY

Wait for a correction to buy USD

Technical observation

Yesterday USD did not decline as had been predicted but instead rose and penetrated above the resistance zone 108.18-107.99 with a big green candle before rising to the key level 110.89. I expect a correction to the just broken zone followed by a rejection within it for bullish price movements. If you are currently neutral with this pair, wait for a retracement to the zone 108.18-107.99 and a rejection within it to buy USD with your take profit at 110.89 and stop loss at 106.75. In case of a penetration above the level 110.89, further bullish price movements can be anticipated towards the line 114.04.

Trade recommendation

Wait for a correction to 108.18-107.99 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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