20 January 2020, USD/JPY
Technical observation
On the daily chart above, price recently penetrated above a key resistance zone 109.75-109.62 and I is currently trading above it on an increasing bullish bias. My expectation is a correction to the just broken zone followed by a bounce within it for bullish movements of USD. My advice, wait for a correction to the zone 109.75-109.62 and a rejection within it to buy USD with your take profit at 111.76 and stop loss at 108.90.If this take profit is hit and there is a clear penetration above it then more bullish movements of this pair can be anticipated. Short positions may only be recommended below 109.75-109.62.
Trade recommendation
Wait for a correction to 109.75-109.62 to buy USD.
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