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We're flat

We're flat | 25 March 2021

25 March 2021, USD/JPY

Technical observation

On the daily chart above, price is trading with an increasing bullish momentum below a resistance level109.32, however, I expect a possible decrease towards the supportive zone 106.83-106.66, this anticipated bearish movement is a retracement to the zone and i expect a rejection of it within the same zone for a momentum to the upper side. My advice, remain flat and wait for a correction to the zone 106.83-106.66 to buy USD with your take profit at 109.32 and stop loss at 105.85. In case of a breakout above the line 109.32 with a big green candle, I expect the value of this pair to rise further towards the level 112.07.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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