Remain long | 08 Juli 2020

08 Juli 2020, USD/JPY

Remain long

Technical observation

Recently a false breakout was seen when price broke below a supportive zone 107.49-107.40 but was not contained then went above the same zone. USD retraced to the supportive zone 107.49-107.40 and bounced within it and is currently trading with an increasing bullish momentum. I expect this upwards movement to continue to the key level 108.44 followed by a clear breakout above it with a big green candle and a correction to it for further bullish price movements. If you bought USD within 107.49-107.40 after a bounce, remain long with your take profit at 108.44 and stop loss at 107.02.

Trade recommendation

Remain long with your take profit at 108.44.

Imelda Maseno
Analyst of «FreshForex» company
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