We're flat | 03 February 2020
03 February 2020, USD/JPY
Technical observation
On the daily chart above, price is trading between a resistance zone 109.75-109.62 and a supportive level 106.77. I expect either a rise to the zone mentioned above or a decline to the key level 106.77. In case of a rise to 109.75-109.62, wait for a rejection within it to sell USD with your take profit at 106.77 and stop loss at 110.37. Should there be a decline to the level 106.77, wait for a clear breakout below it with a big red candle followed by a correction and a rejection at it to sell USD with your take profit at 104.44. Right now, remain neutral and wait for either a correction to 109.75-109.62 or a decline to 106.77 to trade USD.
Trade recommendation
Remain neutral.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
