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.

Do you know against which currencies JPY is the most profitable?

More trading assets here...

Imelda Maseno
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus