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We're flat

We're flat | 23 February 2021

23 February 2021, USD/JPY

We're flat

Technical observation

On the daily chart above, price has been rallying significantly to the lower side for several days now; this downwards movement is a correction to the supportive zone 104.64-104.42 and I expect a bounce within the same zone for a possible momentum to the upper side. My advice, remain neutral temporarily and wait for a correction to the zone 104.64-104.42 and a bounce at it to buy USD with your take profit at 107.91 and stop loss at 102.99. In case of a clear breakout above the line 107.91 with a big green candle, wait for a correction to it confirming further bullish movements before you continue long towards 112.08.

Trade recommendation

Remain neutral.

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Imelda Maseno
Analyst of «FreshForex» company
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