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Wait | 20 October 2020

20 October 2020, USD/JPY

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Technical observation

USD penetrated above the level 105.46 with a big green candle then rose for some time and is currently retracing to the line. I expect a rejection at the same line for possible bullish price movements towards the resistance level 105.78. My advice, wait for a correction to the line105.46 and a rejection at it to buy USD with your take profit at 105.78 and stop loss at 105.43. Should there be a clear breakout above the resistance line 105.78 with a big green candle, you can anticipate a further rise towards the upper resistance line 106.08. As it is on the cart above only bullish positions can be recommended.

Trade recommendation

Wait for a correction to 105.45 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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