We're short towards 106.44 | 14 July 2020
14 July 2020, USD/JPY
Technical observation
USD is trading below a resistance zone 107.49-107.40 with an increasing bearish momentum and as long as price is contained below this zone, you can only anticipate downwards movements of this pair. If you went short with USD within the above-mentioned zone after a bounce, remain in the trade with your take profit at 106.44 and stop loss at 107.79. If price hit this take profit and there is clear breakout below it with a big red candle, wait for a correction to the just broken line and a rejection at it to confirm further bearish price rally before you continue short with this pair towards the key level 105.49.
Trade recommendation
Remain short with your take profit at 106.44.
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.
