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We're bearish towards 101.16

We're bearish towards 101.16 | 23 December 2020

23 December 2020, USD/JPY

We're bearish towards 101.16

Technical observation

USD did not penetrate above the zone 103.91-103.72; instead, it bounced within it and is currently trading with an increasing bearish bias. I expect this downwards movement to continue to the supportive line 101.16 followed by a possible breakout below it. If you sold USD within the zone mentioned above, remain short with your take profit at 101.16 and stop loss at 105.11. Should there be a clear penetration above the zone 103.91-103.72 with a big green candle wait for a correction to it confirming a possible momentum to the upper side before you pick long positions towards the level 107.94.

Trade recommendation

Remain short with your take profit at 101.16.

Imelda Maseno
Analyst of «FreshForex» company
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