Remain short | 15 July 2020
15 July 2020, USD/JPY
Technical observation
USD pulled back to a resistance zone it established around 107.49-107.40 and bounced within it. Currently price is trading with an increasing bearish momentum below the same zone and I expect this downwards rally to continue to the supportive level 106.44 followed by a clear breakout below it for further downwards rally. My advice, if you bought USD within the zone 107.49-107.40 after a bounce, remain short with your take profit at 106.44 and stop loss at 107.79. In case of a clear breakout above the zone 107.49-107.40 with a big green candle, wait for a retracement to it before you buy USD.
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.
