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Remain short

Remain short | 20 July 2020

20 July 2020, USD/JPY

Remain short

Technical observation

On the 4-hour chart above, price pulled back to a resistance zone 107.49-107.40 and it could not break above it. Price was contained below the zone and is currently trading with an increasing bearish momentum. My expectation is a decline to the supportive level 106.44 followed by a clear penetration below it with a big red candle for further bearish price rally. My advice, if you sold USD within the zone 107.49-107.40 after a bounce, remain in the trade with your take profit at 106.44 and stop loss at 107.79. As long as price is contained below the zone 107.49-107.40, we can only expect bearish movements.

Trade recommendation

Remain short with your take profit at 106.44.

Imelda Maseno
Analyst of «FreshForex» company
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