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Wait | 16 November 2020

16 November 2020, USD/JPY

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Technical observation

USD retraced to the supportive zone 104.96-104.91 but it was not contained above it ; Price then broke below the same zone with a big red candle before rallying downwards. I expect a correction to the just broken zone followed by a clear bounce within it for a surge to the lower side. My advice, wait for a correction to the zone 104.96-104.91 and a rejection within it to sell USD with your take profit at 104.12 and stop loss at 105.19. In case of a clear break below the line 104.12, I expect the value of this pair to plummet further to the lower supportive level marked at 103.49. Only bearish positions is ideal for USD.

Trade recommendation

Wait for a correction to 104.96-104.91 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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