We're flat | 24 March 2020

24 March 2020, USD/JPY

We're flat

Technical observation

USD is rallying below a resistance zone 112.09-111.86 and either a clear penetration above the zone with a big green candle or a rejection within the zone followed by a decline to the zone 108.20-107.99 is anticipated. Right now, remain flat and sell USD within the zone 112.09-111.86 with your take profit at 108.20 and stop loss at 113.19. In case there’s no rejection within the zone mentioned above but a clear breakout above it with a big green candle, wait for a correction to the just broken zone and a rejection within it to enter long positions with your take profit at 114.42 and stop loss at 110.78.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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