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Wait | 19 April 2021

19 April 2021, USD/JPY

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Technical observation

On the weekly chart above, I expect a massive decline towards the supportive zone 104.9-104.66 followed by a bounce within it, this anticipated bearish movement is a correction to the zone mentioned above and in case of a loss of this downwards movement within the same zone, pick long positions with your take profit at 115.64 and stop loss at 102.54. However, should there be a clear breakout below the zone 104.99-104.66 with a big red candle; I expect a pullback to the just broken zone followed by a bounce within it to pick short positions towards the supportive level 96.23. Right now i would advise you remain neutral

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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