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Wait for a retracement

Wait for a retracement | 30 March 2020

30 March 2020, USD/JPY

Wait for a retracement

Technical observation

Last week USD declined as I had predicted and even penetrated below a supportive zone 108.17-107.99 with a big red candle. If you had sold this pair at the level 112.09 after a bounce, at the level 108.17 was the best place to pick your profits. With price rallying below the above-mentioned zone, a retracement to it can be anticipated followed by a clear bounce within it for further bearish movements of price towards the supportive line 104.96. My advice, wait for a correction to the zone 108.17-107.99 and a rejection within it to sell USD with your take profit at 104.96 and stop loss at 109.17.

Trade recommendation

Wait for a correction to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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