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We're long within 103.93-103.93

We're long within 103.93-103.93 | 11 December 2020

11 December 2020, USD/JPY

We're long within 103.93-103.93

Technical observation

USD is trading above a supportive zone 103.93-103.93 with an increasing bearish momentum; I expect either a bounce within the zone for a momentum to the lower side, or a clear breakout below it with a big red candle. My advice remain flat temporarily and wait for a loss of this bearish movement within the zone mentioned above to buy USD with your take profit at 104.20 and stop loss at 103.82. In case of a clear breakout below the same zone with a big red candle, wait for a retracement to it and a bounce before you pick short positions with your take profit at the level 103.66.

Trade recommendation

Buy USD within 103.93-103.93 with your take profit at 104.20.

Imelda Maseno
Analyst of «FreshForex» company
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