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We're flat

We're flat | 08 January 2021

08 January 2021, USD/JPY

Technical observation

USD did not rally downwards as I had anticipated, instead, it rose and broke above a resistance line 103.35 with a big green candle, if this pair continues to rise and break above the trend line indicated on the chart above, you can expect a momentum to the upper side towards the resistance zone 108.17-107.94. My advice, remain neutral and wait for a correction to the line 103.35 and a rejection at it to buy USD with your take profit at 107.94 and stop loss at 102.26. As long as USD is contained above the line 103.35, you can only anticipate a rally to the upper side, the levels to look for include; 107.94, 111.34 and 114.99.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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