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we are flat

we are flat | 10 December 2021

10 December 2021, USD/JPY

Technical observation

USD is trading almost between the supportive level 112.60 and the resistance zone 113.88-111.83; my expectation is either a surge to the level 112.60 or a momentum to the upper side followed by a clear breakout above the zone I have mentioned above with a big green candle. If price declines and breaks below the level 112.60 with a big red candle, wait for a pullback to it before you pick short positions. On the other hand should there be a clear breakout above the zone 113.88-113.83 with a big green candle, I would advise that you wait for a retracements to the broken zone and a buy a bounce within it with your take profit at 114.73.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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