03 февраля 2020, USD/JPY
Technical observation
On the daily chart above, price is trading between a resistance zone 109.75-109.62 and a supportive level 106.77. I expect either a rise to the zone mentioned above or a decline to the key level 106.77. In case of a rise to 109.75-109.62, wait for a rejection within it to sell USD with your take profit at 106.77 and stop loss at 110.37. Should there be a decline to the level 106.77, wait for a clear breakout below it with a big red candle followed by a correction and a rejection at it to sell USD with your take profit at 104.44. Right now, remain neutral and wait for either a correction to 109.75-109.62 or a decline to 106.77 to trade USD.
Trade recommendation
Remain neutral.
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