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We're flat

We're flat | 22 July 2020

22 July 2020, USD/JPY

We're flat

Technical observation

USD declined steadily up to the supportive zone 106.73-106.65 then bounce within it. Currently price is trading with an increasing bearish momentum however, I expect a correction to the resistance zone 107.48-107.39 followed by a bounce within it to resell USD. In case price does not retrace to the resistance zone 106.73-106 but instead penetrate below the supportive zone 106.73-106.65 with a big red candle, wait for a correction to the just broken zone confirming further bearish movements of price before you pick short positions with your take profit at 106.00 and stop loss at 106.99.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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