looking to sell within 107.49-107.40 | 17 July 2020

17 July 2020, USD/JPY

looking to sell within 107.49-107.40

Technical observation

On the chart above, price has been rising steadily towards a resistance zone 107.49-107.40 and is currently trading below it. I expect a loss of this upwards movement within the zone mentioned above for a possible surge to the lower side. My advice, remain flat temporarily and wait for a correction to the zone 107.49-107.40 and a rejection within it to sell USD with your take profit at 106.44 and stop loss at 107.79. Should there be a clear penetration above 107.49-107.40 with a big green candle, wait for a correction to the just broken zone and a bounce to confirm upwards rally before you buy USD.

Trade recommendation

Sell USD within 107.49-107.40 with your take profit at 106.44.

Imelda Maseno
Analyst of «FreshForex» company
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