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Wait | 07 May 2020

07 May 2020, USD/JPY

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Technical observation

On the hourly chart above, price is rallying with an increasing bullish momentum and I expect a loss of this upward movement within 106.39-106.36 for possible bearish price rally. Remain flat temporarily and wait for a correction to the above-mentioned zone and a rejection within it to sell USD with your take profit at 105.72 and stop loss at 106.63. In case price hits this take profit and breaks below it with a big red candle, wait for retracement and a bounce at it to continue short with this pair. Long positions may only be advisable in case of a clear break above the zone 106.39-106.36 and a correction to it.

Trade recommendation

Wait for a correction to 106.39-106.36 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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