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Wait for a correction to sell USD.

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.

Imelda Maseno
Analyst of «FreshForex» company
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