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Wait | 25 June 2020

25 June 2020, USD/JPY

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Technical observation

USD is rising steadily towards a resistance zone 107.51-107.45. I expect a rejection of this upward movement within the zone mentioned above for bearish rally towards the key level 106.45. My advice, wait for a correction to the zone 107.51-107.45 and a rejection within it to sell USD with your take profit at 106.45 and stop loss at 107.92. In case there is no rejection within the zone 107.51-107.45 but a clear breakout above it with a big green candle, wait for a correction to the just broken line to confirm possible bullish movements of price before you pick long position towards the resistance line 108.53.

Trade recommendation

Wait for a correction to the zone 107.51-107.45 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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