02 сентября 2020, USD/JPY
Technical observation
USD retraced to a resistance zone it established around 106.16-106.09 and did not break above it. Price was contained below the zone and is currently rallying with an increasing bearish bias. I expect this downwards movement to continue to the supportive level 105.16 followed by a clear breakout below it for a further decline towards the lower supportive level 104.28. If you picked short positions within the zone 106.16-106.09 after a rejection, hold on to that position with your take profit at 105.16 and stop loss at 106.46. In case of a break above 106.16-107, wait for a retracement and rejection within it before you buy USD.
Trade recommendation
Remain short with your take profit at 105.16.
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