Remain short | 06 Agustus 2020

06 Agustus 2020, USD/JPY

Remain short

Technical observation

USD continues to rally below the resistance zone 106.09-105.92 with an increasing bearish bias. I expect this price movement to continue to the supportive line 102.26 followed by a clear breakout below it for further bearish movements of price. If you sold USD within the zone mentioned above, remain short with your take profit at 102.26 and stop loss at 106.84. Should there be a clear breakout above the zone 106.09-105.92 with a big green candle, wait for a correction to it and a rejection within it confirming possible bullish price rally before you buy EUR with your take profit at 109.22.

Trade recommendation

Remain short with your take profit at 102.26.

Imelda Maseno
Analyst of «FreshForex» company
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