We're flat | 25 Agustus 2020

25 Agustus 2020, USD/JPY

Technical observation

On the weekly chart above, USD is trading above a supportive zone it established around 104.47-104.99; I expect a clear breach below the zone with a big red candle followed by a pullback to it for bearish price rally towards the key level 94.08. Remain neutral with this pair and wait for a clear breakout below the zone 104.47-104.99 followed by a correction and a rejection at it to sell USD with your take profit at 94.08 and stop loss at 107.17. In case there is a clear break below the level 94.08 with a big red candle, I expect price to plummet further to the lower side to the supportive line marked at 85.23.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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