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.
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.
