16 Maret 2020, USD/JPY
Technical observation
On Friday we expected a rebound of price within the zone 106.81-106.63, however, this was not the case as price penetrated above it with a big green candle and continued to rise. I expect a retracement to the just broken zone followed by a rejection within it to pick long positions towards 109.62. In case price is not contained above the zone and instead breaks below it with a big red candle then most probably the break above 106.81-106.63 was false and therefore bearish movements can be anticipated. As long as USD is contained above the zone 106.81-106.63, only long positions can be advisable.
Trade recommendation
Wait for a retracement to buy USD.