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We're short towards 106.45

We're short towards 106.45 | 21 July 2020

21 July 2020, USD/JPY

Technical observation

On the 4-hour chart above, price is trading with an increasing bearish momentum below a resistance zone 107.49-107.40 and as long as it is contained below this zone, you can only anticipate bearish momentum. However, should price break above the same zone you can expect upwards movements of price towards 108.44. If you sold USD within 107.49-107.40 after a rejection, remain in short with your take profit at 106.45 and stop loss at 107.78. In case of a penetration below the line 106.45 with a big red candle, wait for a correction to the just broken line and a bounce before you continue short with USD.

Trade recommendation

Remain short with your take profit at 106.45.

Imelda Maseno
Analyst of «FreshForex» company
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