Wait | 10 June 2020
10 June 2020, USD/JPY
Technical observation
On the chart above, price did not rally upwards as I had anticipated but instead broke down below a supportive zone it established around 107.98-107.89. USD is currently trading with an increasing bearish momentum below the zone and my expectation is a pullback to it followed by a rejection within it for bearish price movements. However, if the break below 107.98-107.89 was false and price breaks above it, I expect bullish movements after a pullback to the zone. Right now however, as long as price is contained below the zone 107.98-107.89, I expect bearish rally of USD towards 106.00.
Trade recommendation
Wait for a correction to 107.98-107.89 to sell USD.
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.
