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Remain flat

Remain flat | 25 November 2020

25 November 2020, USD/JPY

Technical observation

On the 4-hour chart above, USD is trading with an increasing bearish movement between a supportive level 104.11 and a resistance zone 104.96-104.91. I expect a decline to the supportive level followed by a bounce at it to buy USD. My advice, wait for a correction to the line 104.11 and a rejection at it to buy USD with your take profit at 104.91 and stop loss at 103.88. In case there of a clear breach above 104.96-104.91 with a big green candle, wait for a correction to the zone and a bounce within it confirming a further surge to the upper side before you continue long towards the key level 105.70.

Trade recommendation

Remain flat temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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