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We're flat

We're flat | 10 July 2020

10 July 2020, USD/JPY

We're flat

Technical observation

USD is rallying with an increasing bearish momentum above a supportive line 104.65 and expect this bearish rally to continue to the line followed by a clear breakout below it with a big red candle. In case of a clear breach below 104.65, wait for a correction to the just broken line and a rejection at it to sell USD with your take profit at 96.81 and stop loss at 106.81. If this take profit is triggered and there is a clear penetration below it with a big red candle wait for a correction to it and a bounce before you continue short with this pair towards the supportive level 87.36. Right now, remain flat with this pair

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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