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Remain flat

Remain flat | 29 November 2021

29 November 2021, USD/JPY

Remain flat

Technical observation

On the hourly chart above, price broke below the supportive zone 113.78-113.74 with a big red candle, it then rose to the same zone and it is currently trading at it with an increasing bullish bias. I expect a loss of this upwards movement within the zone followed by a rally to the lower side. My advice, remain flat and wait for a second correction to the zone I have mentioned above then sell USD within it with your take profit at 113.01 and stop loss at 114.21. In case of a breakout below the supportive level 113.01 with a big red candle, I expect price to plummet further to the lower side. Bullish movements can only be recommended above 113.78-113.74.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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