Wait | 03 March 2020
03 March 2020, USD/JPY
Technical observation
Recently price of USD went below a trend line it was trading above with a big red candle. Yesterday, price corrected itself to the line and was contained below it. My expectation is the price should continue to decline towards the level 106.75 followed by a break below it and a correction for a further decline towards the lowest support 104.45. My advice, wait for a correction to the line shown on the chart above followed by a rejection at it to sell USD with your take profit at 106.75 and stop loss at 108.99. As long as USD is below the line indicated on the chart above only short positions can be recommended.
Trade recommendation
Wait for a correction 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.
