We're bearish towards 101.16

13 Januar 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
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