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remain neutral

remain neutral | 26 March 2021

26 March 2021, USD/JPY

remain neutral

Technical observation

This week, USD has been trading with an increasing bullish bias between a supportive zone it established at 104.97-104.66 and a resistance level 104.80, however, my expectation is a rally to the lower side to the supportive zone mentioned above followed by a rejection within it for bullish movements of price. My advice, remain flat and wait for a correction to the zone 104.97-104.66 and a bounce within it to buy USD with your take profit at 114.80 and stop loss at 102.54. In case of a break above the level 114.80, I expect a further momentum to the upper side to the key level 121.34 after a correction to the just broken line.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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