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Wait | 04 June 2020

04 June 2020, USD/JPY

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Technical observation

USD penetrated above a resistance zone 107.89-107.95 with a big green candle and is still rallying above it. I expect a pullback to the just broken zone followed by a bounce within it for an upward rally. My advice, wait for a correction to the above-mentioned zone and a rejection within it to buy USD with your take profit at 109.21 and stop loss at 107.41. Should there be a clear break above the key level 109.21 with a big green candle, I expect further bullish price movements of this pair. On the 4-hour chart above as long as price is contained above the zone 107.89-107.95, you can only expect bullish price movements.

Trade recommendation

Wait for a pull back to 107.89-107.95 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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