Wait for a correction to sell USD. | 31 August 2020

31 August 2020, USD/JPY

Wait for a correction to sell USD.

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.
Imelda Maseno
Analyst of «FreshForex» company
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