We're bearish towards 102.85 | 04 January 2021

04 January 2021, USD/JPY

Technical observation

On the 4 hour chart above price is trading with an increasing bearish momentum above a supportive line 102.85, I expect either a clear breakout below the lien with a big red candle, or a bounce at it followed by a pullback to the resistance zone 103.70-103.64. If you sold USD within the resistance zone mentioned above after a bounce, remain short with your take profit at 102.85 and stop loss at 103.91. In case of a clear breakout above the zone 103.70-103.64 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 104.69.

Trade recommendation

Remain short with your take profit at 102.85.

Imelda Maseno
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus