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We're short within 106.67-106.49

We're short within 106.67-106.49 | 04 August 2020

04 August 2020, USD/JPY

We're short within 106.67-106.49

Technical observation

USD is trading with an increasing bullish momentum below a resistance zone 106.67-106.49. I expect a loss of this upwards rally within the above-mentioned zone for bearish movements of price towards the key level 104.42. My advice, wait for a rejection within the zone 106.67-106.49 to sell USD with your take profit at 104.42 and stop loss at 107.53.In case of a clear break below the line 104.42, I expect further bearish movements of this pair towards the lower supportive level 102.28. On the daily chart above, as long as price is contained below the zone 106.67-106.49 you can only expect bearish rally.

Trade recommendation

Sell a bounce within 106.67-106.49.

Imelda Maseno
Analyst of «FreshForex» company
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