Wait for a correction | 11 March 2020
11 March 2020, USD/JPY
Technical observation
Yesterday USD rose steadily with a big green candle penetrating above a resistance level 104.42. Currently this pair is trading below a resistance zone 106.81-106.63 and I expect a rise to it followed by a bounce for downwards movements. Wait for a correction to the above-mentioned zone and a rejection within it to sell USD with your take profit at 104.42 and stop loss at 108.01. Should price hit this take profit and break below it, wait for a retracement to the just broken level and a bounce at it before you continue short.
Trade recommendation
Wait for a retracement to 106.81-106.63 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.
