Wait for a correction | 26 August 2020
26 August 2020, USD/JPY
Technical observation
USD penetrated above a zone 106.19-106.12 with a big green candle and is currently rallying above it with an increasing bearish momentum. I expect a loss of this bearish movement within the zone 106.19-106.12 for bullish price rally towards the line 107.27. My advice wait for a correction to the above mentioned zone and a rejection within it to buy USD with your take profit at 107.27 and stop loss at 105.76. Should there be a clear break above the zone 107.35-107.27 with a big green candle with a big green candle, you can anticipate further bullish movements of this pair towards the resistance line 108.50.
Trade recommendation
Wait for a correction 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.
