Main >
Analytics
>
Fresh forecast
>
Forex Technical Analysis: Trend potential
>
Wait for a correction to re-sell

Wait for a correction to re-sell | 05 March 2020

05 March 2020, USD/JPY

Wait for a correction to re-sell

Technical observation

On the daily chart above, price retraced to the lower trend line but was rejected at it and could not break above it. USD then declined towards a supportive level 106.75 and did not break below it. Yesterday price rose towards the same trend line indicated on the chart above but did not reach it and i expect more bullish movements today towards the line followed by a rejection at it to re-sell USD with my take profit at 106.75 and stop loss at 109.28. Should there be a clear breakout below the level 106.75 with a big red candle, I expect a retracement to it followed by a rejection for further bearish rally towards 104.43.

Trade recommendation

Wait for a correction to re-sell USD.

Imelda Maseno
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Login

Tunjukkan kata laluan

Hide password

 Terlupa kata laluan anda?
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .

Our best awards:

FreshForex is a brand that provides access to online trading for clients from more than 158 countries all over the world. The Company's partners are the licensed European liquidity providers, banks, payment aggregators and systems with which the company has been cooperating for more than 19 years.
Clients must be at least 18 years old to use the services of the Company.
The company does not provide services in the following countries.
Risk Warning: Trading financial instruments with leverage carries high risks and can result in both profits and losses. Potential losses are limited by the deposit amount. Before deciding to trade, the client should assess their risk tolerance, experience, and knowledge level.

Freshforex.com uses cookies for better website operation, traffic flow analysis, and personalization. By using this website you agree to our Cookie Policy.
User Data privacy is protected in accordance with GDPR. The SSL certificate installed on the website transfers the information over a secure protocol.
The site contains links to websites of third parties. The Company does not check or control the third-party resources that are in any way related to the FreshForex site, so the Company is not responsible for any third-party information or materials posted.
By creating a link to a third party website, the Company does not endorse or recommend any products or services offered by the third party.
The website content is intended for informational purposes only. It should not be regarded as an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is not authorized. It also should not be considered as an offer/solicitation to any person to whom it would be unlawful to make such an offer or solicitation, nor regarded as a recommendation to buy, sell or otherwise deal with any particular currency or any other trading asset investment. If you are not sure about your local trading regulations, please, leave this website immediately.
© 2004—2024 FreshForex – Forex broker
Reproduction of the contents is allowed only with active hyperlink to original source.