We're bearish towards 101.16 | 13 January 2021

13 January 2021, USD/JPY

We're bearish towards 101.16

Technical observation

On the daily chart above, USD rose to the resistance line indicated at 104.44 and could not break above it. Price bounced at the line and since yesterday, it has been trading with an increasing bearish bias. I expect a momentum to the lower side to the key level 101.16 followed by ether a clear breakout below it with a big red candle or a bounce at followed by a retracement to the level 104.44. My advice, if you sold USD at the line 104.44 after a bounce, remain short with your take profit at 101.16 and stop loss at 105.45. You can only anticipate upwards movements of this pair above the line 104.44.

Trade recommendation

Remain short with your take profit at 101.16.

Imelda Maseno
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus