We're flat | 16 July 2020
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.
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.
