Buy within 107.44-107.41 | 22 May 2020
22 May 2020, USD/JPY
Technical observation
USD retraced to the supportive zone it established around 107.44-107.41 and is currently trading within it with an increasing bearish momentum. I expect a bounce within the zone for upward movements of USD. Remain flat temporarily and buy a bounce within the above-mentioned zone with your take profit at 108.03 and stop loss at 107.27. If this take profit is hit and there is a clear penetration above it with a big green candle, I expect further bearish movements of this pair. As it is on the hourly chart above, you can only anticipate bearish movements of this pair below the zone 107.44-107.41 towards 106.85.
Trade recommendation
Buy USD within 107.44-107.41 with your take profit at 108.03.
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.
