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Buy a bounce within 105.22-105.16

Buy a bounce within 105.22-105.16 | 12 October 2020

12 October 2020, USD/JPY

Technical observation

USD is pulling back to a supportive zone it established around 105.22-105.16. I expect a loss of this bearish rally within the zone mentioned above for possible bullish movements of price. My advice, wait for a correction to the zone 105.22-105.16 and a rejection within it to buy USD with your take profit at 106.16 and stop loss at 104.93. In case of a clear break above the resistance line 106.16 with a big green candle, wait for a correction to it and a bounce to confirm further bullish movements of price before you continue long with pair towards the resistance zone marked at 107.49-107.40.

Trade recommendation

Wait for a correction to 105.22-105.16 to re-buy USD with your take profit at 106.16.

Imelda Maseno
Analyst of «FreshForex» company
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