Wait | 24 August 2020

24 August 2020, USD/JPY

Technical observation

On the chart above price is trading with an increasing bullish momentum below a resistance zone 106.67-106.50, I expect this upwards movement to continue to the resistance zone 106.67-106.50 followed by a clear bounce within it for bearish price movements. My advice, wait for a correction to the above mentioned resistance zone and a rejection within it to sell USD within it with your take profit at 104.44 and stop loss at 107.53. Should price penetrate below the line 104.44 with a big red candle, you can anticipate further bearish movements of price towards the lower supportive level marked around 102.28.

Trade recommendation

Wait for a retracement to 106.67-106.50 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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