Remain flat

30 June 2020, USD/JPY

Remain flatRemain flat

Technical observation

On the chart above, price broke above a resistance zone 107.51-107.45 with a big green candle and is currently trading above the just broken zone with an increasing bearish momentum. I expect a rejection of this bearish rally within the zone 107.51-107.45 for possible upwards movements. My advice, remain flat temporarily and wait for a rejection within the zone 107.51-107.45 to buy USD with your take profit at 108.46 and stop loss at 107.07. As long as USD is contained above the zone 107.51-107.45, we can only anticipate bullish movements. We can only recommend short positions below 107.51-107.45.

Trade recommendation

Remain flat temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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