We're flat | 01 February 2019

01 February 2019, USD/JPY

Technical observation

On the hourly chart above USD is trading within a support 108.55 and a resistance zone 109.18-109.14, my expectation is a rise to the just broken zone followed by a bounce within it to pick short position with my take profit at 108.55 and stop loss at 109.35.In case there is a breakout below 108.55 then more bearish momentum towards 107.98 can be expected. As long as USD is contained below the resistance zone 109.18-109.14 only short position looks ideal and can be expected. My advice, wait for a correction to 109.18-109.14 and a rejection within it to sell this pair with your take profit at 108.55 and stop loss at 109.35.

Trade recommendation

Remain flat.

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Imelda Maseno
Analyst of «FreshForex» company
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