Wait for a pullback to sell USD | 16 March 2020
16 March 2020, USD/JPY
Technical observation
On Friday we expected a rebound of price within the zone 106.81-106.63, however, this was not the case as price penetrated above it with a big green candle and continued to rise. I expect a retracement to the just broken zone followed by a rejection within it to pick long positions towards 109.62. In case price is not contained above the zone and instead breaks below it with a big red candle then most probably the break above 106.81-106.63 was false and therefore bearish movements can be anticipated. As long as USD is contained above the zone 106.81-106.63, only long positions can be advisable.
Trade recommendation
Wait for a retracement 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.
