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We're flat

We're flat | 26 June 2020

26 June 2020, USD/JPY

We're flat

Technical observation

USD is trading with an increasing bullish bias above a supportive zone 104.96-104.44. I expect either a decline to the supportive zone 104.96-104.44 followed by a clear breakout below it with a big red candle, or, a correction to the resistance zone 115.12-114.35 followed by a rejection within it. In case there is a clear penetration below the zone 104.96-104.44 with a big red candle, wait for a correction to the just broken zone and a rejection within it to confirm possible bearish price rally before you sell USD with your take profit at 96.84. Right now remaining neutral with UDS Is ideal than picking any position.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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