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Pick short positions within 113.82-113.76

Pick short positions within 113.82-113.76 | 30 November 2021

30 November 2021, USD/JPY

Pick short positions within 113.82-113.76

Technical observation

On the hourly chart above, price is retracing to the resistance zone it established at 113.82-113.76 and I expect a rejection of price within the zone followed by a rally to the lower side, however, price can still break above the same zone with a big green candle. My advice, wait for a pullback to the zone I have mentioned above then sell USD within it with your take profit at 112.98 and stop loss at 114.14. In case price is not sustained below the zone but instead it penetrates above it with a big green candle, wait for a retracement to the just broken zone and a bounce within it before picking long positions towards the resistance level 114.59.

Trade recommendation

Wait for a correction to the zone 113.82-113.76 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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