Wait for a retracement | 27 February 2020
27 February 2020, USD/JPY
Technical observation
On the chart above, USD is pulling back to a supportive zone 109.74-109.62 and I expect a rejection within it for bullish price rally towards the resistance 112.37. Wait for a retracement to 109.74-109.62 and a bounce within it to buy USD with your take profit at 112.37 and stop loss at 108.87. Continue long with this pair after a clear penetration above 112.37 with a big green candle followed by a correction to it. Should there be a clear breakout below 109.74-109.62 with a big red candle, wait for a pullback to the just broken zone and a rejection within it before you pick short position with your take profit at 106.76.
Trade recommendation
Wait for a retracement to 109.74-109.62 and a bounce within it 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.
