Remain long | 29 May 2020
29 May 2020, USD/JPY
Technical observation
The pair on the hourly chart is trading on an upward trend and is currently rallying between a supportive zone 107.37-107.35 and a resistance line 107.93. My expectation is either a decline to the supportive zone and a rejection within it, or a rise to the resistance line followed by a clear penetration above it. In case of a decline and a rejection within 107.37-107.37, buy USD within it with your take profit 197.93 and stop loss at 107.25. Should there be a clear penetration below the zone 107.37-107.35 with big red candle, wait for a correction to the just broken zone before you pick short positions towards 106.88.
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.
