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We're flat

We're flat | 23 January 2020

23 January 2020, USD/JPY

We're flat

Technical observation

USD penetrated above a resistance zone it established around 109.75-109.62 with a big green candle then rose for a few days. For the past three days however, this pair has been retracing to the broken zone and the current candle is trading within it. You can buy USD now within 109.75-109.62 with your take profit at 111.76 and stop loss at 109.01. In case you are a little bit sceptic to buy this pair within the zone, you can wait for the current candle to close to enter a trade. In case there is a clear penetration below the zone 109.75-109.62 with a big red candle, bearish movements of this pair may be expected.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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