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Remain flat

Remain flat | 16 June 2020

16 June 2020, USD/JPY

Technical observation

USD declined up to the supportive line 106.65 but did not penetrate below it. If you sold this pair within the zone 109.83-109.67, at the level 106.65 was the ideal place to pick your profits. However, if you are currently flat with this pair, remain so and wait for a clear breakout below 106.65 followed by a correction and a rejection at it to sell USD with your take profit at 103.05 and stop loss at 107.73. Alternatively, another correction to the resistance zone 109.83-109.67 followed by a rejection within it to re-sell USD with your take profit at 106.65 and stop loss at 110.68. Only short positions look ideal for USD.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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