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We're long within 105.22-105.16

We're long within 105.22-105.16 | 13 October 2020

13 October 2020, USD/JPY

We're long within 105.22-105.16

Technical observation

USD is rallying above a supportive zone it established around 105.22-105.16 with an increasing bearish momentum. I expect a loss of this bearish movement within the zone for a possible momentum of price to the upper side. My advice, wait for a clear rejection within the zone 105.22-105.16 to buy USD with your take profit at 105.80 and stop loss at 104.87. In case of a clear breakout below the zone 105.22-105.16 with a big red candle, wait for a pullback to the just broken zone and a bounce within it confirming possible bearish movements of price before you sell USD towards 104.12.

Trade recommendation

Buy a bounce within 105.22-105.16.

Imelda Maseno
Analyst of «FreshForex» company
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