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Remain neutral

Remain neutral | 17 June 2020

17 June 2020, USD/JPY

Remain neutral

Technical observation

On the daily chart above, price is trading above the supportive ley level 106.65 with an increasing bearish momentum. My expectation is a decline to the line followed by a clear breakout below it with a big red candle. My advice, remain flat with this pair and wait for a breach below the line 106.65 followed by a correction to it and a rejection to sell USD with your take profit at 103.05 and stop loss at 107.72. In case price does not break below 106.65 and instead correct itself to the resistance zone 109.83-109.67, you can pick short position within the zone after a bounce with your take profit at 106.65.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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