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Wait | 13 April 2021

13 April 2021, USD/JPY

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Technical observation

On the weekly chart above, USD rose significantly to the upper side but right now it is showing signs of correcting to the supportive zone it established at 104.97-1fl04.66. I anticipate a bearish momentum to the zone mentioned above followed by a bounce within the zone 104.97-104.66 to buy USD with my take profit at 114.80 and stop loss at 102.58. However, there is still a possibility of a clear penetration below the zone 104.97-104.66. If this is the case, wait for a pullback to it and a bounce confirming a momentum to the lower side before you pick short positions. Right now, remaining flat is ideal than picking any positions.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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