Remain short | 15 Juli 2020

15 Juli 2020, USD/JPY

Remain short

Technical observation

USD pulled back to a resistance zone it established around 107.49-107.40 and bounced within it. Currently price is trading with an increasing bearish momentum below the same zone and I expect this downwards rally to continue to the supportive level 106.44 followed by a clear breakout below it for further downwards rally. My advice, if you bought USD within the zone 107.49-107.40 after a bounce, remain short with your take profit at 106.44 and stop loss at 107.79. In case of a clear breakout above the zone 107.49-107.40 with a big green candle, wait for a retracement to it before you buy USD.

Trade recommendation

Remain short with your take profit at 106.44.

Imelda Maseno
Analyst of «FreshForex» company
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