Remain flat | 19 Juni 2020

19 Juni 2020, USD/JPY

Technical observation

On the 4-hour chart above, price is trading between a supportive level 105.99 and a resistance zone 107.97-107.88. My expectation is either a rise to the resistance zone followed by a bounce within it or, a decline to the support followed by a clear breakout below it. In case of a rise to the zone 107.97-107.88 sell USD within it after a bounce with your take profit at 105.99 and stop loss at 108.27. In case of a clear breakout below the line 105.99, wait for a pullback to the just broken line and a rejection at it to confirm possible bearish movements of price before you sell USD with your take profit at 103.49.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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