03 Juli 2020, USD/JPY
Technical observation
USD is trading with an increasing bearish bias within a supportive zone 107.49-107.40. I expect a loss of this downwards movement within the zone for a possible upwards rally towards the resistance line 108.44. On the 4-hour chart above, within the zone 107.49-107.40 is the ideal place to pick long positions after a rejection with your take profit at 108.44 and stop loss at 107.07. In case there is a clear penetration below the zone 107.49-107.40 with a big red candle, wait for a correction to the just broken zine and a rejection within it to confirm possible bearish rally before you sell USD with your take profit at 106.44.
Trade recommendation
Buy USD within 107.49-107.40 with your take profit at 108.44.