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Wait for a correction to sell USD.

Wait for a correction to sell USD. | 09 November 2020

09 November 2020, USD/JPY

Technical observation

On the weekly chart above, price went down below a supportive zone 104.60-104.18 with a big red candle and is still trading below it. I expect a correction to the just broken zone followed by a rejection within it for bearish movement of price. My advice wait for a correction to the above mentioned zone and a bounce within it to sell USD with your take profit at 96.24 and stop loss at 106.26. On your way downwards the key levels to look for include; 96.24, 88.69 and the lower supportive level 82.78. On the chart above, as long as price is contained below 104.60-104.18 you can only expect bearish rally.

Trade recommendation

Wait for a correction to 104.60-104.18 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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