Remain flat temporarily. | 23 July 2020

23 July 2020, USD/JPY

Remain flat temporarily.

Technical observation

On the chart above, price did not penetrate below the supportive zone 106.73-106.65 as I had anticipated, instead, it is correcting to the resistance zone 107.48-107.39 and I expect a rejection within it for possible bearish price rally towards the key level 106.73. My advice, remain flat temporarily and wait for a bounce within the zone 107.48-107.39 to sell USD with your take profit at 106.73 and stop loss at 107.79. In case of a clear breakout above the zone 107.48-107.39 with a big green candle, wait for a correction to it to confirm possible bullish price rally before you pick long positions.

Trade recommendation

Remain flat temporarily.

Imelda Maseno
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .