We're flat | 25 August 2020

25 August 2020, USD/JPY

Technical observation

On the weekly chart above, USD is trading above a supportive zone it established around 104.47-104.99; I expect a clear breach below the zone with a big red candle followed by a pullback to it for bearish price rally towards the key level 94.08. Remain neutral with this pair and wait for a clear breakout below the zone 104.47-104.99 followed by a correction and a rejection at it to sell USD with your take profit at 94.08 and stop loss at 107.17. In case there is a clear break below the level 94.08 with a big red candle, I expect price to plummet further to the lower side to the supportive line marked at 85.23.

Trade recommendation

Remain neutral.

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 .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus