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Flat

Flat | 01 July 2019

01 July 2019, USD/JPY

Flat

Technical observation

On the 4-hour chart above, USD has been rising steadily towards a resistance zone 108.68-108.58 and my expectation is either a rejection of it within the zone or a clear penetration above it with a big green candle. In case of a bounce within the zone, sell USD within it with your take profit at 107.78 and stop loss at 109.02, however, in case price clearly breaches above it, wait for a correction to the just broken zone and a bounce within it confirming possible bullish momentum before you pick long positions with your take profit at 109.70. As long as price is below 108.68-108.58, only bearish movements can be expected.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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