We're long towards 106.70 | 07 September 2020

07 September 2020, USD/JPY

We're long towards 106.70

Technical observation

On the chart above price is trading with an increasing bullish momentum above a supportive zone 106.15-106.09. I expect this bullish movement to continue to the line 106.70 followed by a clear breakout above it for a further rise in price towards the resistance line 107.35. My advice, if you bought USD within the zone mentioned above after a rejection, remain long with your take profit at 106.70 and stop loss at 107.55. On the chart above as long as price is contained above the zone 106.15-106.09, only bullish movements of this pair can be anticipated. Short positions can only be recommended below 106.15-106.09.

Trade recommendation

Remain long with your take profit at 106.70.

Imelda Maseno
Analyst of «FreshForex» company
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