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Wait for a retracement to sell USD.

Wait for a retracement to sell USD. | 19 August 2020

19 August 2020, USD/JPY

Wait for a retracement to sell USD.

Technical observation

The pair on the daily chart above is trading with an increasing bullish momentum below a resistance zone 106.67-106.50 it recently penetrated. I expect this upwards movement to continue to the resistance zone mentioned above followed by a bounce within it for bearish rally of this pair. My advice, wait for a retracement to the zone 106.67-106.50 and a rejection within it to sell USD with your take profit at 104.44 and stop loss at 107.53. In case there is clear breakout below the line 104.44 with a big red candle, I expect the value of this pair to plummet to the supportive level marked at 102.28.

Trade recommendation

Wait for a correction to 106.67-106.50 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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