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We're flat

We're flat | 02 June 2021

02 June 2021, USD/JPY

Technical observation

USD is trading with an increasing bearish bias between a supportive zone 104.74-104.22 and a resistance level 114.53, this bearish movement is a correction to the zone I have mentioned above and I expect a rejection of it within the same zone for a momentum to the upper side. In case of a decline to the zone 104.74-104.22, buy USD within it after a bounce with your take profit at 114.53 and stop loss at 102.24. If price does not bounce within the zone and instead penetrates below it with a big red candle, wait for a correction to the just broken zone and a rejection within it before you pick short positions with your take profit at 96.23.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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