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Remain flat temporarily

Remain flat temporarily | 21 December 2020

21 December 2020, USD/JPY

Technical observation

On the 4-hour chart above, price is trading with an increasing bullish momentum below the resistance line 103.61-103.55, I expect a loss of this upwards movement within the same zone for a rally to the lower side. My advice, remain flat and wait for a retracement to the zone mentioned above and a bounce within it to sell USD with your take profit at 102.85 and stop loss at 103.91. In case there is no bounce within the zone 103.61-013.55 but a clear breakout above it with a big green candle, wait for a pullback to the just broken zone and a rejection within it before you long USD towards 104.68.

Trade recommendation

Remain flat temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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