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We're flat

We're flat | 30 October 2020

30 October 2020, USD/JPY

We're flat

Technical observation

USD is retracing to a resistance zone 104.96-104.92. I expect a loss of this bullish bias within the zone for a surge towards the key level 103.98. In case price does not bounce within the zone and instead there is a clear break above it with a big green candle, wait for a correction to the zone and a bounce to confirm possible bullish movements of price before you pick long positions. On your way upwards the key levels to look for include; 105.52, 106.11 and 106.97. My advice right now, remain flat temporarily and wait for a correction to 104.96-104.92 and a bounce within it to sell USD with your take profit at 103.98.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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