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We're flat

We're flat | 30 November 2020

30 November 2020, USD/JPY

We're flat

Technical observation

Price is trading above a supportive level 103.85 with an increasing bearish momentum I expect either a clear breakout below then lien with a big red candle, or a bounce at it followed by a correction to the resistance zone 104.15-104.13. In case of a clear break below the line 103.85, wait for a retracement to it and a bounce before you sell this pair. And if there is no break below the line 103.85 but a correction to the zone 104.15-104.13, pick short positions within it after a bounce with your take profit at 103.85 and stop loss at 104.26. As it is on the chart above, I can only recommend short positions.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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