Wait for a retracement to buy USD. | 06 April 2020

06 April 2020, USD/JPY

Wait for a retracement to buy USD.

Technical observation

Last week, USD was not rejected within the zone 107.99-107.86 but instead it penetrated above the zone with a big green candle and is still rallying above it with an increasing bullish momentum. I expect a correction to the just broken zone followed by a rejection within it for bullish price rally. You can buy this pair within the zone 107.99-107.86 with your take profit at 112.09 and stop loss at 106.83. Should USD not be contained above the zone 107.99-107.86 and instead penetrates below it, then the breach above 107.99-107.86 was false and bearish movements towards 104.9 can be expected.

Trade recommendation

Wait for a correction to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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