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Wait for a correction

Wait for a correction | 26 August 2020

26 August 2020, USD/JPY

Wait for a correction

Technical observation

USD penetrated above a zone 106.19-106.12 with a big green candle and is currently rallying above it with an increasing bearish momentum. I expect a loss of this bearish movement within the zone 106.19-106.12 for bullish price rally towards the line 107.27. My advice wait for a correction to the above mentioned zone and a rejection within it to buy USD with your take profit at 107.27 and stop loss at 105.76. Should there be a clear break above the zone 107.35-107.27 with a big green candle with a big green candle, you can anticipate further bullish movements of this pair towards the resistance line 108.50.

Trade recommendation

Wait for a correction to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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