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Remain flat

Remain flat | 24 April 2020

24 April 2020, USD/JPY

Remain flat

Technical observation

USD is stagnating below the resistance zone 107.99-107.86 it penetrated below some weeks ago and right now, i expect either a decline to the supportive level 104.96 or a clear breakout above the zone. If you are currently neutral with USD, remain so and wait for a bounce within the zone 107.99-107.86 to sell USD with your take profit at 104.96 and stop loss at 108.86. In case of a breach below the level 104.96, further bearish price movements towards 102.28 can be expected. On the flip side, in case of a penetration above the zone 107.99-107.86 with a big green candle, bullish price movements can be anticipated.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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