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Wait | 18 November 2020

18 November 2020, USD/JPY

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Technical observation

USD broke down below the supportive level 104.12 as had predicted yesterday and is still trading with an increasing bearish momentum. I expect a correction to the just broken level followed by a bounce at it for bearish price movements. My advice, wait for a correction to the line 104.12 and a bounce at it to sell USD with your take profit at 103.49 and stop loss at 104.38. In case of a clear breakout below the line 103.49 with a big red candle, you can expect this pair to decline even further towards the supportive level 102.00. As it is on the chart above, you can only anticipate bearish movements.

Trade recommendation

Wait for a correction to 104.12 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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