looking to sell within 107.49-107.40 | 17 July 2020
17 July 2020, USD/JPY
Technical observation
On the chart above, price has been rising steadily towards a resistance zone 107.49-107.40 and is currently trading below it. I expect a loss of this upwards movement within the zone mentioned above for a possible surge to the lower side. My advice, remain flat temporarily and wait for a correction to the zone 107.49-107.40 and a rejection within it to sell USD with your take profit at 106.44 and stop loss at 107.79. Should there be a clear penetration above 107.49-107.40 with a big green candle, wait for a correction to the just broken zone and a bounce to confirm upwards rally before you buy USD.
Trade recommendation
Sell USD within 107.49-107.40 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.
