Remain flat | 24 April 2020
24 April 2020, USD/JPY
Technical observation
USD is stagnating below the resistance zone 107.99-107.86 it penetrated below some weeks ago and right now, i expect either a decline to the supportive level 104.96 or a clear breakout above the zone. If you are currently neutral with USD, remain so and wait for a bounce within the zone 107.99-107.86 to sell USD with your take profit at 104.96 and stop loss at 108.86. In case of a breach below the level 104.96, further bearish price movements towards 102.28 can be expected. On the flip side, in case of a penetration above the zone 107.99-107.86 with a big green candle, bullish price movements can be anticipated.
Trade recommendation
Remain flat.
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.
