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Wait | 10 June 2020

10 June 2020, USD/JPY

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Technical observation

On the chart above, price did not rally upwards as I had anticipated but instead broke down below a supportive zone it established around 107.98-107.89. USD is currently trading with an increasing bearish momentum below the zone and my expectation is a pullback to it followed by a rejection within it for bearish price movements. However, if the break below 107.98-107.89 was false and price breaks above it, I expect bullish movements after a pullback to the zone. Right now however, as long as price is contained below the zone 107.98-107.89, I expect bearish rally of USD towards 106.00.

Trade recommendation

Wait for a correction to 107.98-107.89 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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