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Remain flat

Remain flat | 21 September 2020

21 September 2020, USD/JPY

Remain flat

Technical observation

USD is trading with an increasing bearish bias above a supportive level 104.29; however, I expect a loss of this bearish rally followed by a correction to the resistance zone 105.22-105.16 and a bounce within it to sell USD. My advice, remain neutral and wait for a pullback to the resistance zone mentioned above and a rejection within it to sell USD with your take profit at 104.29 and stop loss at 105.53. Should there be a clear breakout below the line 104.29 with a big red candle, wait for a correction to the just broken line and a correction to it confirming a further surge to the lower side before you continue short.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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