Wait | 08 May 2020

08 May 2020, USD/JPY

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Technical observation

The pair on the chart above corrected to the resistance zone 106.39-106.36 and slightly broke above it. Price is currently trading above the just broken zone with an increasing bearish momentum and in case the break above 106.39-106.36 was false, I expect another break below the zone for bearish price movements. However, in case there is a loss of this bearish movement within the above-mentioned zone, you can anticipate bullish price movements towards the resistance zone 106.96-106.92. Right now, remain neutral temporarily and wait for a bounce within 106.39-106.36 to buy USD towards 106.92.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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