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Wait | 31 January 2020

31 January 2020, USD/JPY

Technical observation

USD is trading below a resistance zone 109.75-109.62 on an increasing bullish bias. I expect a loss of this movement within the zone for bearish price rally towards the level 106.77. My advice, wait for a correction to the above-mentioned zone and a rejection within it to sell USD with your take profit at 106.77 and stop loss at 110.37. If this take profit is reached and there is clear break below it, further bearish momentum towards the supportive level 104.44 can be expected. As long as price is contained below the zone 109.75-109.62 on the daily chart above, only downwards movement of price can be expected.

Trade recommendation

Wait for a correction to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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