Remain flat temporarily. | 23 Juli 2020

23 Juli 2020, USD/JPY

Remain flat temporarily.

Technical observation

On the chart above, price did not penetrate below the supportive zone 106.73-106.65 as I had anticipated, instead, it is correcting to the resistance zone 107.48-107.39 and I expect a rejection within it for possible bearish price rally towards the key level 106.73. My advice, remain flat temporarily and wait for a bounce within the zone 107.48-107.39 to sell USD with your take profit at 106.73 and stop loss at 107.79. In case of a clear breakout above the zone 107.48-107.39 with a big green candle, wait for a correction to it to confirm possible bullish price rally before you pick long positions.

Trade recommendation

Remain flat temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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