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Wait | 16 December 2020

16 December 2020, USD/JPY

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Technical observation

On the chart above, price did not rally upwards as I had anticipated; instead, it declined and broke below the supportive zone 103.74-103.70. My expectation is a correction to the just broken zone and a bounce within it for a momentum to the lower side. My advice, wait for a correction to the just broken zone and a bounce within it to sell USD with your take profit at 103.17 and stop loss at 104.02. In case price penetrates below the line 103.17 with a big red candle, wait for a correction to it before you continue short with this pair. Only short positions look ideal and can be recommended for the pair above.

Trade recommendation

Wait for a correction to 103.74-103.70 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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