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Remain flat

Remain flat | 28 July 2020

28 July 2020, USD/JPY

Technical observation

On the 4-hour chart above, price is trading with an increasing bullish momentum below a resistance zone 106.15-106.05. I expect further upwards movements of price followed by a loss of this bullish bias within the zone mentioned above for bearish movements. My advice, wait for a correction to the zone 106.15-106.05 and a bounce within it to sell USD with your take profit at 104.50 and stop loss at 106.60. Should there be a clear penetration above the zone 106.15-106.05 with a big red candle wait for a correction to the just broken zone and a rejection within it to confirm bullish movements before you buy USD.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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