Wait for a correction to buy USD | 20 March 2020
20 March 2020, USD/JPY
Technical observation
Yesterday USD did not decline as had been predicted but instead rose and penetrated above the resistance zone 108.18-107.99 with a big green candle before rising to the key level 110.89. I expect a correction to the just broken zone followed by a rejection within it for bullish price movements. If you are currently neutral with this pair, wait for a retracement to the zone 108.18-107.99 and a rejection within it to buy USD with your take profit at 110.89 and stop loss at 106.75. In case of a penetration above the level 110.89, further bullish price movements can be anticipated towards the line 114.04.
Trade recommendation
Wait for a correction to 108.18-107.99 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.
