Looking to sell within 105.22-105.16 | 26 October 2020

26 October 2020, USD/JPY

Technical observation

On the 4-hour chart above, price is rising steadily towards a resistance zone 105.22-105.16. I expect a loss of this upwards movement within the same zone for a momentum to the lower side. My advice, remain flat and wait for a correction to the zone 105.22-105.16 and a rejection within it to sell USD with your take profit at 104.12 and stop loss at 105.41. In case of a clear breakout above the zone 105.22-105.16 with a big green candle, wait for a correction to the just broken zone and a rejection within it confirming a momentum of price to the upper side before you pick long positions towards 106.16.

Trade recommendation

Wait for a correction to 105.22-105.16 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus