We're flat temporarily

08 April 2021, USD/JPY

We're flat temporarily

Technical observation

On the 4 hour chart above, price is trading above the supportive zone 109.46-109.35 with an increasing bearish bias, this bearish movement is correction to the zone mentioned above and I expect a loss of it within the same zone for a possible rally to the upper side. My advice, remain flat temporarily and wait for a correction to the zone 109.46-109.35 and a bounce within it to buy USD with your take profit at 110.95 and stop loss at 108.93. In case there is a clear breakout below 109.46-109.35 with a big red candle, wait for a correction to it confirming a momentum to the lower side before you pick short positions.

Trade recommendation

Remain flat temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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