Wait | 08 May 2020
08 May 2020, USD/JPY
Technical observation
The pair on the chart above corrected to the resistance zone 106.39-106.36 and slightly broke above it. Price is currently trading above the just broken zone with an increasing bearish momentum and in case the break above 106.39-106.36 was false, I expect another break below the zone for bearish price movements. However, in case there is a loss of this bearish movement within the above-mentioned zone, you can anticipate bullish price movements towards the resistance zone 106.96-106.92. Right now, remain neutral temporarily and wait for a bounce within 106.39-106.36 to buy USD towards 106.92.
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.
