Remain long | 26 November 2020

26 November 2020, USD/JPY

Remain long

Technical observation

USD retraced to a supportive zone it established around 104.30-104.26 but did not break below it, price bounced within the zone and is currently trading with an increasing bullish bias towards the key level 104.68 and I expect a possible penetration above it for a further rise in price. My advice, if you bought USD within the zone 104.30-104.26 after a bounce, remain long with your take profit at 104.68 and stop loss at 104.10. Should there be a clear breakout below the zone 104.30-104.26 with a big red candle, wait for a correction to the just broken zone before you sell USD towards the key level 103.87.

Trade recommendation

Remain bullish with your take profit at 104.68.

Imelda Maseno
Analyst of «FreshForex» company
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