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We're neutral

We're neutral | 01 October 2020

01 October 2020, USD/JPY

We're neutral

Technical observation

USD is trading between a supportive zone 105.22-105.16 and a resistance line 105.80, I expect either a decline to the supportive zone followed by a rejection within it to buy USD or a rise to the line 105.80 followed by a clear breakout above it with a big green candle. In case of a break above 105.80, wait for a correction to it and a bounce before you buy USD with your take profit at 106.46. You can also pick long positions within the zone 105.22-105.16 in case of a decline to it and a rejection within it with your take profit at 105.80 and stop loss at 104.87. Right now remaining flat with this pair is ideal.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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