Wait for a correction | 19 February 2020

19 February 2020, USD/JPY

Wait for a correction

Technical observation

On the 4 hour chart above price has been rallying above a supportive zone it established around 109.68-109.62 and unless there is a clear penetration below it, I expect a momentum to the upper side. If you’re neutral with this pair right now, remain so and wait for a correction to 109.68-109.62 to buy USD with your take profit at 110.21 and stop loss at 109.35. If price breaks below the zone with a big red candle then a possible surge to the lower side can be expected you can then wait for a correction the broken zone and a rejection within it to sell USD, on your way downwards the levels to look for include 109.05, 108.34 and 107.64.

Trade recommendation

Wait for a correction to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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