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Remain flat

Remain flat | 01 March 2019

01 March 2019, USD/JPY

Remain flat

Technical observation

USD is rising steadily towards a resistance zone 114.71-114.09, I expect a rejection of it within the zone for downwards price movement towards 104.63 and a breakout below it for a further decline in price towards the support 92.47 or even lower to 77.97.Remain flat and wait for the correction to the above mentioned zone and a rejection within it to sell USD with your take profit at 104.63 and stop loss at 118.22.In case of a penetration below 104.63, continue short with USD towards 92.47 after a correction to 104.63 and a rejection at it. As long as USD is contained below the zone 114.71-114.09 only short positions may be advisable.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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