Buy USD within 107.49-107.40 | 03 July 2020
03 July 2020, USD/JPY
Technical observation
USD is trading with an increasing bearish bias within a supportive zone 107.49-107.40. I expect a loss of this downwards movement within the zone for a possible upwards rally towards the resistance line 108.44. On the 4-hour chart above, within the zone 107.49-107.40 is the ideal place to pick long positions after a rejection with your take profit at 108.44 and stop loss at 107.07. In case there is a clear penetration below the zone 107.49-107.40 with a big red candle, wait for a correction to the just broken zine and a rejection within it to confirm possible bearish rally before you sell USD with your take profit at 106.44.
Trade recommendation
Buy USD within 107.49-107.40 with your take profit at 108.44.
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.
