Wait for a correction | 18 September 2020

18 September 2020, USD/JPY

Wait for a correction

Technical observation

USD is trading below a supportive line 105.24 with an increasing bearish bias. However, I expect a correction to the line followed by a rejection at it to short USD towards the supportive line 104.29. My advice, remain flat and wait for a correction to the line 105.24 and a rejection at it to sell USD with your take profit at 104.29 and stop loss at 105.53. In case of a clear breakout above the line 105.24 with a big green candle, wait for a correction to the just broken line and a rejection at it before you buy USD with your take profit at 106.44. Right now as it so on the chart above, only bearish position are ideal.

Trade recommendation

Wait for a correction to the line 105.24 and a rejection at it to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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