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Wait | 07 April 2020

07 April 2020, USD/JPY

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Technical observation

On the daily chart above, price is trading with an increasing bearish momentum towards a zone (107.99-107.86) it recently penetrated above. A loss of this bearish movement can be expected within the above-mentioned zone for bullish rally towards 112.09. My advice, wait for a correction to 107.99-107.86 and a rejection within it to buy USD with your take profit at 112.09 and stop loss at 106.81. Should there be a clear breakout above the key level 112.09, wait for a correction to the line and a bounce before you continue long with this pair. As it is on the chart above only upward movements can be expected.

Trade recommendation

Wait for a correction to 107.99-107.86 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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