03 August 2020, USD/JPY
Technical observation
USD is trading with an increasing bearish momentum above a sportive zone 105.02-104.41, I expect a clear breakout below the above mentioned zone with a big red candle followed by a correction and rejection at it. My advice, remain neutral and wait for a clear breakout below the zone 105.02-105.41 with a big red candle, followed by a correction and bounce within it to sell USD with your take profit at 96.11 and stop loss at 107.54. In case price does not break below the zone 105.02-105.41, you can buy USD within the zone after a bounce with your take profit at the key line 113.89.
Trade recommendation
Remain neutral.
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