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Remain flat

Remain flat | 02 January 2019

02 January 2019, USD/JPY

Remain flat

Technical observation

For several days now, USD has been declining steadily towards the support 109.39, currently price is rallying around the line and my expectation is either a clear breach below it with a big red candle followed by a pullback to it or a bounce at it followed by a correction to the zone 111.67-111.36, In case you sold this pair previously within 111.67-111.36 you can pick your profits now at 109.39 but if you had not sold this pair yet, you can wait for the breakout below 109.39 and a correction to it to sell USD with your take profit at 106.73 and stop loss at 110.47, or a rejection at 109.39 followed by a correction to 111.67-111.36 to sell USD.

Trade recommendation

Remain flat.

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Imelda Maseno
Analyst of «FreshForex» company
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