Wait for a correction | 19 February 2020
19 February 2020, USD/JPY
Technical observation
On the 4 hour chart above price has been rallying above a supportive zone it established around 109.68-109.62 and unless there is a clear penetration below it, I expect a momentum to the upper side. If you’re neutral with this pair right now, remain so and wait for a correction to 109.68-109.62 to buy USD with your take profit at 110.21 and stop loss at 109.35. If price breaks below the zone with a big red candle then a possible surge to the lower side can be expected you can then wait for a correction the broken zone and a rejection within it to sell USD, on your way downwards the levels to look for include 109.05, 108.34 and 107.64.
Trade recommendation
Wait for a correction to buy USD.
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.
