Wait for a retracement | 20 Mei 2020

20 Mei 2020, USD/JPY

Technical observation

USD broke above the resistance zone 107.43-107.40 with a big green candle then rose up to the resistance line 108.03. Currently, price is trading below the level 108.03 and I expect a decline to the supportive zone 107.43-107.40 followed by a rejection within it for bullish price movements towards the key level 108.03. My advice, wait for a pullback to the supportive zone 107.43-107.40 and a rejection within it to buy USD with your take profit at 108.03 and stop loss at 107.23. Continue long with this pair in case of a penetration above the 108.03 followed by a retracement to it. Only long positions look ideal on the chart above.

Trade recommendation

Wait for a retracement to 107.43-107.40 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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