Remain long | 02 Juli 2020

02 Juli 2020, USD/JPY

Remain long

Technical observation

USD pulled back to a supportive zone it established around 107.49-107.40 but did not break below it. Currently this pair is trading with an increasing bullish momentum within the zone and I expect this upwards movement to continue to the resistance line 108.44 followed by a possible breakout above it for a further surge to the upper side. I bought this pair within the zone mentioned above and I am holding on to it with my take profit at 108.44 and sop loss at 107.07. On the 4-hour chart above, we can only anticipate bearish movements of price below the supportive zone 107.49-107.40 towards the key level 106.44.

Trade recommendation

Remain long with your take profit at 108.44.

Imelda Maseno
Analyst of «FreshForex» company
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