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Buy USD within 105.22-105.16

Buy USD within 105.22-105.16 | 02 October 2020

02 October 2020, USD/JPY

Buy USD within 105.22-105.16

Technical observation

USD declined with a big red candle penetrating below the supportive zone 105.22-105.16 with a big red tail, however, this pair closed above the zone and you can still anticipate bullish movements towards the resistance line 106.16. My advice, buy USD within the zone mentioned above with your take profit at 106.16 and stop loss at 104.87. In case of a clear breakout below the zone 105.22-105.16 with a big red candle, wait for a correction to it and a bounce within it to confirm possible bearish movements of price before you sell this pair with your take profit at 104.12 and stop loss at 105.53.

Trade recommendation

Buy USD within 105.22-105.16 with your take profit at 106.16.

Imelda Maseno
Analyst of «FreshForex» company
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