Buy within 107.44-107.41 | 22 May 2020

22 May 2020, USD/JPY

Buy within 107.44-107.41

Technical observation

USD retraced to the supportive zone it established around 107.44-107.41 and is currently trading within it with an increasing bearish momentum. I expect a bounce within the zone for upward movements of USD. Remain flat temporarily and buy a bounce within the above-mentioned zone with your take profit at 108.03 and stop loss at 107.27. If this take profit is hit and there is a clear penetration above it with a big green candle, I expect further bearish movements of this pair. As it is on the hourly chart above, you can only anticipate bearish movements of this pair below the zone 107.44-107.41 towards 106.85.

Trade recommendation

Buy USD within 107.44-107.41 with your take profit at 108.03.

Imelda Maseno
Analyst of «FreshForex» company
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