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Remain neutral

Remain neutral | 05 June 2020

05 June 2020, USD/JPY

Remain neutral

Technical observation

USD has been rising steadily towards a resistance line 109.22. I expect either a clear breakout above the line with a big green candle, or a correction to the supportive zone 107.89-107.98. In case of a retracement to the zone 107.89-107.98, buy a bounce within it with your take profit at 109.22 and stop loss at 107.32. However, should there be a clear penetration above the line 109.22 with a big green candle, wait for a correction to the just broken line and a bounce to buy USD with your take profit at 111.58 and sop loss at . I can only recommend short positions below the zone 107.89-107.98.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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