Wait | 11 June 2020

11 June 2020, USD/JPY

Wait

Technical observation

USD is still rally below the zone it recently broke below 107.98-107.89 with an increasing bearish bias. I however anticipate a pullback to the zone mentioned above and a rejection within it for a surge to the lower side. My advice, wait for a correction to the zone 107.98-107.89 and a bounce to place sell orders with your take profit at 106.00 and stop loss at 108.28. On your way downwards, the key levels to look for include 106.00, 103.49 and 101.55. On the 4-hour chart above, as long as price is contained below the resistance zone 107.98-107.89, only short positions look ideal and can be recommended.

Trade recommendation

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

Imelda Maseno
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus