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Remain flat

Remain flat | 29 April 2020

29 April 2020, USD/JPY

Remain flat

Technical observation

After its rejection within the zone 107.33-107.29, USD declined steadily up to a supportive level 106.62 and was rejected at it. Currently this pair is trading above the supportive level mentioned above with an increasing bearish momentum and I expect a possible penetration below it with a big red candle. If you sold USD yesterday within the zone 107.33-107.29 after a rejection, at the level 106.62 was the ideal place to pick your profits. Right now my advice, remain flat and wait for a clear penetration below 106.62 with a big red candle and a correction to it followed by a bounce to short USD.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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