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Wait | 21 October 2020

21 October 2020, USD/JPY

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Technical observation

Yesterday USD rose for some time as I had expected then it declined and broke below the line 105.46 before rallying further downwards. As it is on the chart above, as long as price is contained below the line 105.46, you can only expect bearish movements. Right now, wait for a correction to 105.46 and a bounce at it to sell USD with your take profit at 105.21 and stop loss at 105.55. Should there be a clear breakout below 105.21-105.19 with a big red candle, price could plummet further to the lower side towards the supportive level 104.93, in that case, wait for a correction to the zone before you sell USD.

Trade recommendation

Wait for a correction to 105.46 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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