Wait for a rejection | 26 Februari 2020

26 Februari 2020, USD/JPY

Wait for a rejection

Technical observation

On the daily chart above, price is rallying on an increasing bearish momentum towards a supportive zone it established around 109.74-109.62 and as long as it is contained above this zone, only long positions look ideal and may be advisable. My expectation is a loss of this downward movement within the zone 109.74-109.62 for bullish price rally towards the key level 112.37. I would advise you wait for a correction to 109.74-109.62, followed by a rejection within it to buy USD with your take profit at 112.37 and stop loss at 108.87. In case of a break below 109.74-109.62 wait for a correction to it before you sell USD.

Trade recommendation

Wait for a rejection within 109.74-109.62 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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