Remain flat | 07 July 2020
07 July 2020, USD/JPY
Technical observation
On the chart above, price pulled back to a supportive zone 107.49-107.40 but was no contained; instead, it penetrated below the zone with a big red candle and is currently trading with an increasing bullish momentum below it. I expect a loss of this bullish movement within the zone mentioned above for possible bearish rally towards the supportive line 106.44, however, in case price does not bounce within the zone and instead break above it with a big red candle then the penetration below the zone was false and you can anticipate bullish movements. Right now, remain flat with USD.
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.
