Wait | 07 May 2020

07 May 2020, USD/JPY

Wait

Technical observation

On the hourly chart above, price is rallying with an increasing bullish momentum and I expect a loss of this upward movement within 106.39-106.36 for possible bearish price rally. Remain flat temporarily and wait for a correction to the above-mentioned zone and a rejection within it to sell USD with your take profit at 105.72 and stop loss at 106.63. In case price hits this take profit and breaks below it with a big red candle, wait for retracement and a bounce at it to continue short with this pair. Long positions may only be advisable in case of a clear break above the zone 106.39-106.36 and a correction to it.

Trade recommendation

Wait for a correction to 106.39-106.36 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
¿De acuerdo con la revisión?
Opinión de los comerciantes:
Close
Iniciar sesión
Su navegador no admite cookies. Si la cookie está desactivada en su navegador de Internet, es posible que tenga problemas con la representación del área Personal. Cómo habilitar el soporte para cookies.