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Wait for a retracement to buy USD.

Wait for a retracement to buy USD. | 16 October 2020

16 October 2020, USD/JPY

Technical observation

On the chart above, I had anticipated a rejection of price within the zone 105.28-105.26; however, price did not bounce within it but instead broke above the zone with a big green candle before rallying upwards. Currently price is trading with an increasing bearish momentum and this downwards movement is a retracement to then zone 105.28-105.26. I expect a rejection within the zone to pick long positions with my take profit at 105.51 and stop loss at 105.16. My advice, wait for a correction to the supportive zone mentioned above and a rejection within it to buy USD with your take profit at 105.51.

Trade recommendation

Wait for a retracement to 105.28-105.26 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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