09 июля 2020, USD/JPY
Technical observation
On the weekly chart above, price is trading with an increasing bearish momentum above a supportive zone 105.00-104.65. I expect this bearish rally to continue the zone followed by a clear breakout below it with a big red candle. In case of a penetration below the line 104.65, wait for a correction to it and a rejection to confirm bearish price rally to sell USD with your take profit at 98.81 and stop loss at 107.06. Should price penetrate further below the key level 98.81 with a big red candle, you can anticipate further bearish momentum towards the lower supportive level marked at 85.85.
Trade recommendation
Remain flat.
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