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We're short within 106.28-106.19

We're short within 106.28-106.19 | 03 September 2020

03 September 2020, USD/JPY

We're short within 106.28-106.19

Technical observation

On the 4-hour chart above, price rose up to a resistance zone 106.28-106.19 and did not break above it; As long as price is contained below this zone only bearish movements if this pair can be anticipated. USD is currently trading with an increasing bearish bias within the zone and I expect this downwards rally to continue to the key level 105.16. Within the above-mentioned resistance zone is the ideal place to pick short positions with your take profit at 105.16 and stop loss at 106.57. In case of a clear break below the supportive line 105.16 with a big red candle, you can expect a surge to the lower side to 104.48.

Trade recommendation

Sell USD within 106.28-106.19 with your take profit at 105.16.

Imelda Maseno
Analyst of «FreshForex» company
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