Remain long | 06 July 2020
06 July 2020, USD/JPY
Technical observation
USD penetrated above a resistance zone 107.49-107.4 with a big green candle before pulling back to it. Price bounced within the zone and is currently trading with an increasing bullish momentum. I expect this bullish movement to continue to the resistance line 108.43 followed either a bounce at it or a clear breach above it with a big green candle. If you bought USD within the zone 107.49-107.40 after a rejection, hold on to that position with your take profit at 108.43 and stop loss at 107.07. On the chart above as long as price is contained above the zone 107.49-107.40, we can only expect upwards movements of USD.
Trade recommendation
Remain long with your take profit at 108.43 and stop loss at 107.07.
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.
