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Wait for a breakout

Wait for a breakout | 14 September 2020

14 September 2020, USD/JPY

Wait for a breakout

Technical observation

On the chart above, price is trading below a resistance zone 106.46-106.39 with an increasing bullish bias, I expect this upwards movement to continue to the above-mentioned zone followed by a clear breakout above it with a big green candle. If this is the case, wait for a correction to the just broken zone and rejection within it to buy USD with your take profit at 107.38 and stop loss at 106.09. In case this take profit is triggered, I anticipate further bullish movements of this pair. On the flip side, should there be no penetration above the zone 106.46-106.39 but a bounce within it, you can expect bearish movements of USD.

Trade recommendation

Wait for a breakout above 106.46-106.39 to buy USD with your take profit at 107.38.

Imelda Maseno
Analyst of «FreshForex» company
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