28 May 2020, USD/JPY
Technical observation
USD is trading below a resistance line 107.89 with an increasing bullish bias. I expect a breach above the line with a big green candle and a correction to it. Right now, remain flat and wait for a clear breakout above 107.89 followed by a retracement to it and a bounce to buy USD with your take profit at 108.54 and stop loss at 107.71. However, in case there is no penetration above the line, I expect another correction to the zone 106.85-106.82 and a bounce within it for bullish price rally. As it is on the hourly chart above, I can only recommend bullish positions. Short positions can only be ideal below 106.85-106.82.
Trade recommendation
Remain flat.
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