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We're short within 103.63-103.59

We're short within 103.63-103.59 | 22 January 2021

22 January 2021, USD/JPY

Technical observation

USD is trading below a resistance zone 103.63-103.59 with an increasing bullish bias. I expect a loss of this bullish movement within the same zone for a rally to the lower side to the key level 102.99. My advice, remain flat temporarily and sell a bounce within the zone mentioned above with you take profit at 102.99 and stop loss at 103.88. If this take profit is triggered and there is a clear breakout below it with a big red candle, wait for a correction to it before you continue further downwards with your take profit at 102.58. A long as USD is contained below 103.63-103.59, I can only recommend short positions.

Trade recommendation

Sell USD within 103.63-103.59 with your take profit at 102.99.

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Imelda Maseno
Analyst of «FreshForex» company
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