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Remain short

Remain short | 15 January 2021

15 January 2021, USD/JPY

Remain short

Technical observation

USD retraced to a resistance line 104.44 but could not break above it; price bounced at the same line and is currently trading with an increasing bearish bias. Even though I expect this bearish movement to continue to the supportive level 101.16, this pair could still rise and break above the resistance line mentioned above. If you sold USD at the line 104.44 remain short but not for long. In case of a clear breakout above 104.44 with a big green candle, wait for a correction to the just broken line and a bounce at it before you buy this pair with your take profit at 107.94 and stop loss at 103.31.

Trade recommendation

Remain short with your take profit at 101.16.

Imelda Maseno
Analyst of «FreshForex» company
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