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Buy USD within 107.49-107.40

Buy USD within 107.49-107.40 | 03 July 2020

03 July 2020, USD/JPY

Buy USD within 107.49-107.40

Technical observation

USD is trading with an increasing bearish bias within a supportive zone 107.49-107.40. I expect a loss of this downwards movement within the zone for a possible upwards rally towards the resistance line 108.44. On the 4-hour chart above, within the zone 107.49-107.40 is the ideal place to pick long positions after a rejection with your take profit at 108.44 and stop loss at 107.07. In case there is a clear penetration below the zone 107.49-107.40 with a big red candle, wait for a correction to the just broken zine and a rejection within it to confirm possible bearish rally before you sell USD with your take profit at 106.44.

Trade recommendation

Buy USD within 107.49-107.40 with your take profit at 108.44.

Imelda Maseno
Analyst of «FreshForex» company
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