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We're flat

15 March 2019, USD/JPY

We're flat

Technical observation

USD is trading on an increasing bullish momentum towards a key resistance line 112.63, I expect a rise to the line and a rejection at it for bearish momentum towards the zone 109.99-109.76.Remain flat and wait for the rise to 112.63 then you can sell this pair at it after a bounce with your take profit at 109.99 and stop loss at 113.50.In case of a breakout above 112.63, wait for a retracement to it and a bounce to buy USD.As long as price is contained below the line 112.63, only short position may be advisable on the daily chart above. Right now remain flat and wait for the correction to 112.63 and a rejection at it to sell USD.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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