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We're bearish towards 103.66

We're bearish towards 103.66 | 04 December 2020

04 December 2020, USD/JPY

Technical observation

The general trend for the pair on the chart above is downwards, price pulled back to a resistance zone it established around 103.97-103.95 but did not break above it, and instead, it bounced within the zone and is currently trading with an increasing bearish momentum towards 103.66. I expect this bearish rally to continue to the support followed by either a clear breakout below it with a big red candle or a bounce at it for another retracement to the zone 103.97-103.95. My advice, if you sold USD within the zone 103.97-103.95 after a bounce, remain short with your take profit at 103.66 and stop loss at 104.07.

Trade recommendation

Remain short.

Imelda Maseno
Analyst of «FreshForex» company
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