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Remain flat

Remain flat | 18 June 2020

18 June 2020, USD/JPY

Technical observation

On the chart, price went down up to a supportive line 106.66 after a rejection within the resistance zone 107.51-107.45. I sold this pair within the above-mentioned zone after rejection and picked my profits at the line 106.66. Right now, I expect a clear penetration below the key level 106.66 followed by a pullback to it and a bounce for bearish price rally. My advice, remain flat and wait for a clear breakout below the line 106.66 and a correction to it to sell USD with your take profit at 105.99 and stop loss at 106.94. Should there be a correction to the zone 107.51-107.45, you can still sell USD within it after a bounce.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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