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We're bearish towards 101.16

We're bearish towards 101.16 | 22 December 2020

22 December 2020, USD/JPY

We're bearish towards 101.16

Technical observation

USD retraced to the resistance zone 103.89-103.71 and was contained below it. Yesterday price went down and today I expect further bearish movements. If you bought this pair on the previous bounce and is currently short, remain in the trade with your take profit at 101.16 and stop loss at 104.79. In case of a clear breakout above the zone 103.89-103.71 with a big green candle, wait for a retracement to it and a bounce confirming a possible momentum to the upper side before you buy USD with your take profit at 107.94. However, in case of a break below 101.16, price will plummet to the lower side.

Trade recommendation

Remain short with your take profit at 101.16.

Imelda Maseno
Analyst of «FreshForex» company
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