Wait for a rejection | 26 February 2020
26 February 2020, USD/JPY
Technical observation
On the daily chart above, price is rallying on an increasing bearish momentum towards a supportive zone it established around 109.74-109.62 and as long as it is contained above this zone, only long positions look ideal and may be advisable. My expectation is a loss of this downward movement within the zone 109.74-109.62 for bullish price rally towards the key level 112.37. I would advise you wait for a correction to 109.74-109.62, followed by a rejection within it to buy USD with your take profit at 112.37 and stop loss at 108.87. In case of a break below 109.74-109.62 wait for a correction to it before you sell USD.
Trade recommendation
Wait for a rejection within 109.74-109.62 to sell 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.
