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We're flat

We're flat | 14 May 2021

14 May 2021, USD/JPY

Technical observation

On the 4 hour chart above, USD rose and bounced below a resistance line 109.89. It is currently trading with an increasing bearish and I expect this downwards movement to continue to the supportive zone 108.43-108.35. Right now as it is on the chart above, remaining neutral with this pair is ideal than picking any position. In case there is a rejection of price within the zone mentioned above, pick long positions with your take profit at 109.89 and stop loss at 107.97. And should price break below the zone I have mentioned above with a big red candle, wait for a correction to it and a bounce confirming a possible rally to the lower side before you short USD.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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