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Wait | 21 January 2021

21 January 2021, USD/JPY

Technical observation

USD did not rise as I had predicted on the chart above, instead, it declined and penetrated below the zone 103.70-103.62. Even though price did not hit my stop loss, as long as it is contained below the zone mentioned above, I expect a momentum to the lower side to the supportive line 102.64. My advice, wait for a correction to the zone 103.20-103.62 and a bounce within to sell USD with your take profit at 102.64 and stop loss at 104.01. Should there be a clear break above the zone with a big green candle, wait for a correction to it and a bunce confirming bullish movements of price before you buy USD.

Trade recommendation

Wait for a retracement to 103.20-103.62 to sell USD.

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Imelda Maseno
Analyst of «FreshForex» company
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