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Remain flat temporarily.

07 December 2018, USD/JPY

Remain flat temporarily.

Technical observation

On the hourly chart above, USD broke above a resistance line 112.62 and is currently rallying on an increasing bullish momentum towards the key resistance zone 113.23-113.18, my expectation is a loss of this momentum within the zone followed by bearish price rally towards 112.62 and a breakout below it for a further decline in price. You can remain flat temporarily now and wait for the correction to the above mentioned zone and a rejection within it to re-sell USD with your take profit at 112.62 and stop loss at 113.44.In case of a clear penetration above 113.23-113.18 then bullish price movement will be anticipated towards 113.76.

Trade recommendation

Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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