We're neutral | 30 July 2020
30 July 2020, USD/JPY
Technical observation
The pair on the 4-hour chart above is trading with an increasing bullish momentum below a resistance zone 106.15-106.05. I expect this bullish movement to continue to the above-mentioned zone followed by a clear bounce within it for bearish price rally towards the supportive level 104.50. I am currently neutral with this pair and waiting for a correction to the zone 106.15-106.05 and a rejection within it to sell USD. My advice, remain flat with this pair and wait for a correction to the zone 106.15-106.05 and a rejection within it to sell USD with your take profit at 104.50 and stop loss at 106.49.
Trade recommendation
Wait for a correction to the zone 106.15-106.05 to sell USD.
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.
