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Remain neutral

Remain neutral | 10 March 2020

10 March 2020, USD/JPY

Remain neutral

Technical observation

For several days now, USD has been declining steadily and is still showing signs of more bearish movements. As it is on the daily chart above, I expect a pullback to the resistance zone 104.42 followed by a rejection at it for bearish price rally. If you are currently neutral with this pair, remain so and wait for a correction to the key level 104.42 and a bounce at it to sell USD with your take profit at 101.14 and stop loss at 105.48. If this take profit is hit and there is a clear breach below it with a big red candle, then we can anticipated a further bearish price rally towards the lowest supportive level 99.01.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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