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Remain flat

Remain flat | 03 December 2020

03 December 2020, USD/JPY

Technical observation

USD is trading between a supportive zone 104.15-104.11 and a resistance zone 104.96-104.91, I expect either a decline to the supportive zone mentioned above followed by a rejection within it to buy USD, or, a rise to the resistance zone followed by a clear breakout above it. Right now, remaining flat with this pair is ideal than picking any positions. In case of a decline to the zone 104.15-104.11, buy USD within it after a bounce with your take profit at 104.91 and stop loss at 103.85, and should there be a break above 104.96-104.91, wait for a correction to it before you pick long positions towards 105.70.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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