08 June 2020, USD/JPY
Technical observation
On the 4-hour chart above, price penetrated above a resistance zone 107.89-107.98 with a big green candle then rose up to a key line 109.85. My expectation is a pullback to the zone 107.89-107.98 followed by a rejection within it for bullish price rally. My advice, place a buy order within the zone 107.89-107.98 after a correction to it and a bounce with your take profit at 109.85 and stop loss at 107.36. Should there be a clear penetration above the line 109.85 with a big green candle, you can anticipate further bullish movements of this pair towards the key level 111.73 after a correction to the broken line.
Trade recommendation
Wait for correction to 107.89-107.98 to buy USD.
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