Wait for a correction to sell USD. | 31 August 2020
31 August 2020, USD/JPY
Technical observation
On the daily chart above, price is trading with an increasing bullish momentum towards a resistance zone 106.95-106.78, I expect a loss of this upwards movement within the above-mentioned zone for bearish rally towards the supportive level 104.72. My advice, wait for a correction to the zone 106.95-106.78 and a rejection within it to sell USD with your take profit at 104.72 and stop loss at 107.70. In case there is a clear break above the zone 106.95-106.78, you can anticipate bullish movements of this pair towards the resistance line 109.61 after a correction to the just broken zone and a bounce within it.
Trade recommendation
Wait for a correction to the zone 106.95-106.78 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.
