06 июля 2020, USD/JPY
Technical observation
USD penetrated above a resistance zone 107.49-107.4 with a big green candle before pulling back to it. Price bounced within the zone and is currently trading with an increasing bullish momentum. I expect this bullish movement to continue to the resistance line 108.43 followed either a bounce at it or a clear breach above it with a big green candle. If you bought USD within the zone 107.49-107.40 after a rejection, hold on to that position with your take profit at 108.43 and stop loss at 107.07. On the chart above as long as price is contained above the zone 107.49-107.40, we can only expect upwards movements of USD.
Trade recommendation
Remain long with your take profit at 108.43 and stop loss at 107.07.
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