Wait for a pullback to sell USD | 27 August 2020
27 August 2020, USD/JPY
Technical observation
On the chart above, price was not contained above a zone 106.19-106.12 it broke above but instead went down the same zone and is currently trading with an increasing bearish momentum. I expect a correction to the just broken zone and a bounce within it for bearish price rally towards the supportive line 105.16 followed by a clear break below it for a further surge to the lower side to the supportive line 104.28. My advice, wait for a retracement to the zone 106.19-106.12 and a rejection within it to sell USD with your take profit at 105.16. Only bearish movements look ideal on the 4-hour chart above.
Trade recommendation
Wait for a pullback to 106.19-106.12 to sell 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.
