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We're bearish towards 102.85

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
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