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Wait for a breakout

Wait for a breakout | 28 October 2020

28 October 2020, USD/JPY

Wait for a breakout

Technical observation

USD is trading within a supportive zone 104.60-104.18; I expect a clear breakout below the zone with a big red candle followed by a retracement to it for a decline towards the supportive level 96.24. My advice, wait for a clear breakout below the zone 104.60-104.18 with a big red candle, followed by a correction to it confirming bearish movements of price before you sell USD with your take profit at 96.24 and stop loss at 106.57. In case of a break below the level 96.24, wait for a correction to the just broken line to confirm a further surge to the lower side before you continue short with USD.

Trade recommendation

Wait for a break below 104.60-104.18 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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