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We're flat

We're flat | 14 October 2020

14 October 2020, USD/JPY

Technical observation

On the chart above, USD is retracing to a resistance zone it established around 105.59-105.57, I expect a bounce within this zone for bearish movements of price towards the supportive level 105.27. Remain flat and wait for a correction to the zone mentioned above and a rejection within it to sell USD with your take profit at 105.27 and stop loss at 105.79. In case there is no bounce within the zone 105.59-105.57 but a clear breakout above it with a big green candle, wait for a correction to it and a rejection before you buy USD with your take profit at the resistance line 105.94 and stop loss at 105.38.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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