10 февраля 2020, USD/JPY
Technical observation
USD broke above a resistance zone 109.75-109.62 then retraced to it and was contained. As long as price is contained above this zone, only bullish movements of this pair can be expected. Wait for a correction to the above-mentioned zone and a rejection within it to buy USD with your take profit at 111.76 and stop loss at 108.85. In case there is a clear penetration above the key level 111.76 with a big green candle, further bullish price rally can be expected. On the daily chart above, only long positions look ideal and can be advisable. Short positions can only be recommended below the zone 109.75-109.62.
Trade recommendation
Buy USD within 109.75-109.62 with your take profit at 111.76 and stop loss at 108.85.
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