We're long towards 106.70 | 07 September 2020
07 September 2020, USD/JPY
Technical observation
On the chart above price is trading with an increasing bullish momentum above a supportive zone 106.15-106.09. I expect this bullish movement to continue to the line 106.70 followed by a clear breakout above it for a further rise in price towards the resistance line 107.35. My advice, if you bought USD within the zone mentioned above after a rejection, remain long with your take profit at 106.70 and stop loss at 107.55. On the chart above as long as price is contained above the zone 106.15-106.09, only bullish movements of this pair can be anticipated. Short positions can only be recommended below 106.15-106.09.
Trade recommendation
Remain long with your take profit at 106.70.
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.
