16 July 2020, USD/JPY
Technical observation
On the weekly chart above, price is trading with an inreasing bearish momentum above a supportive level 104.65. I expect a clear breakout below the support with a big red candle followed by a correction to it. My advice, remain flat and wait for a clear penetration below the line 104.65 and a correctiont to it to to confirm bearish movements of price and sell USD at the line after a bounce with your take profit at 96.81 and stop loss at 106.99. On your way downwards the key levels to look for are; 96.81, 87.36 and 80.36. I can only recommend bullish positions in case of a clear breaout above the line 114.32.
Trade recommendation
Remain flat.
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