We're flat | 23 October 2020

23 October 2020, USD/JPY

We're flat

Technical observation

USD rose for some time and is still trading below the resistance zone 105.22-105.16. I expect price to rise to the above-mentioned zone followed by a rejection within it to pick short position. My advice, remain flat and wait for a correction to the zone 105.22-105.16 and a rejection within it to sell USD with your take profit at 104.12 and stop loss at 105.47. In case of a break above 105.22-105.16 with a big green candle, wait for a correction to the just broken zone and a rejection within it to confirm possible bullish movements of price before you buy USD with your take profit at the resistance line 106.16.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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