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Remain long

Remain long | 08 October 2020

08 October 2020, USD/JPY

Technical observation

USD has been rising steadily towards the resistance line 106.16 and right now, it is trading below it with an increasing bullish momentum. I expect either a rejection of this upwards movement at the line or a clear breakout above it with a big green candle. In case of a clear penetration below the line, wait for a pullback to it and a bounce before you buy USD with your take profit at 107.40 and stop loss at 105.83, and in case of a bounce at the line 106.16, wait for a correction to the zone 105.22-105.16 to re-buy USD. If you bought USD within 105.22-105.16 and is currently long, pick your profits at 106.16.

Trade recommendation

Remain long with your take profit at 106.16.

Imelda Maseno
Analyst of «FreshForex» company
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