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We're flat

We're flat | 14 December 2020

14 December 2020, USD/JPY

We're flat

Technical observation

On the hourly chart above, price is pulling back to a supportive zone 103.96-103.94; I expect a bounce within the same zone for a momentum to the upper side towards the key level 104.28 followed by a clear breakout above it for a further surge to the upper side. My advice, remain flat and wait for a correction to the above mentioned zone and a rejection within it to buy USD with your take profit at 104.28 and stop loss at 103.83. In case of a break below the zone 103.96-103.94, wait for a correction to it confirming bearish movement of price before you sell this pair towards the key level 103.66.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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