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We're bearish towards 105.34

We're bearish towards 105.34 | 04 September 2020

04 September 2020, USD/JPY

We're bearish towards 105.34

Technical observation

USD rose to a resistance zone 106.45-106.39 and it bounced within it. This pair is currently trading with an increasing bearish momentum below the same zone and I expect this downwards movement to continue to the supportive level marked at 105.34 followed by a clear breakout above it for a further surge to the lower side. If you sold USD within the zone 106.45-106.39 after a rejection, remain short with your take profit at 105.34 and stop loss at 106.79. As long as price is contained below the resistance zone 106.45-106.39, only short positions is ideal and can be recommended for the pair above.

Trade recommendation

Remain short with your take profit at 105.34.

Imelda Maseno
Analyst of «FreshForex» company
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