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We're short towards 104.11

We're short towards 104.11 | 23 September 2020

23 September 2020, USD/JPY

We're short towards 104.11

Technical observation

USD pulled back to a resistance zone 105.22-105.16 but could not break above the zone. Price bounced within the same zone and is currently trading with an increasing bearish bias. As long as the value of this pair is contained below the zone mentioned above, I expect nothing but a surge to the lower side towards the supportive line 104.11. My advice, if you sold USD within the resistance zone mentioned above after a bounce, remain short with your take profit at 104.11 and stop loss at 105.47. You can only anticipate bullish movements of this pair in case of a clear break above 105.22-105.66.

Trade recommendation

Remain short with your take profit at 104.11.

Imelda Maseno
Analyst of «FreshForex» company
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