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Remain flat

Remain flat | 24 November 2021

24 November 2021, USD/JPY

Remain flat

Technical observation

On the hourly chart above, price rose and broke above a resistance level 115.09, it then retraced to the broke line and was sustained above it. Currently price is trading above the same line with an increasing bearish bias and my expectation is a rejection of this downwards movement at the level followed by a surge to the upper side, however, there is still a possibility of a breakout below the line 115.09. If price is contained above the level 115.09, buy this pair at it after a bounce, however, in case of a clear breakout below the line 115.09 with a big red candle, wait for a correction to the zone 114.50-114.46 then buy USD within it with your take profit at 115.09.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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