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Wait | 07 December 2020

07 December 2020, USD/JPY

Technical observation

On the chart above, price is trading with an increasing bullish bias above a support 103.92, I expect this upwards movement to continue to the resistance zone 104.22-104.20 followed by a bounce within it for bearish movement of price. My advice, wait for a correction to the zone mentioned above and a rejection within it to sell USD with your take profit at 103.92 and stop loss at 104.33. As long as price is contained below the zone 104.22-104.20, you can only expect USD to plummet to the lower side, however, in case of a break above the same zone, you can anticipate bullish movements of price towards 104.47.

Trade recommendation

Wait for a correction 104.22-104.20 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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