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17 September 2020, USD/JPY

Technical observation

USD is trading with an increasing bullish bias below a resistance line 105.33. This upwards rally is a correction to the resistance line mentioned above and I expect a loss of it at the line to pick short positions. My advice, wait for a correction to the line 105.33 and a rejection at it to sell USD with your take profit at 104.29 and stop loss at 105.67. In case of a clear breach below 104.29 with a big red candle, wait for a pullback to it and a bounce to confirm further bearish rally before you continue short with this pair. As it is on the chart above, only bearish positions look ideal and can be recommended.

Trade recommendation

Wait for a correction to the line 105.33 a rejection at it to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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