We're flat | 01 July 2020
01 July 2020, USD/JPY
Technical observation
USD is trading with an increasing bullish momentum between a supportive level 104.65 and a resistance zone 114.32-113.97. My expectation is either a decline to the supportive level followed by a clear breach below it with a big red candle, or a rise to the resistance zone mentioned above followed by a clear breakout above it. In case of a clear penetration below 104.65, wait for a pullback to it and a rejection to confirm possible bearish movements of price before you sell USD. Right now remaining flat with thin pair is ideal than entering any position.
Trade recommendation
Remain flat.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
