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Pick your profits at 103.30

Pick your profits at 103.30 | 07 January 2021

07 January 2021, USD/JPY

Technical observation

Yesterday this pair did not rally downwards I had predicted, instead, it went upwards and broke above the resistance line 102.99 and hit my stop loss. Price then pulled back to the just broken line and was contained above it and right now USD is trading with an increasing bullish bias below a resistance zone 103.33-103.30. I expect this upwards movement to continue to the same zone followed by either a rejection at it or a clear breakout above the zone with a big green candle, if you bought USD at the line 102.99 after a bounce, remain long with your take profit at 103.30 and stop loss at 102.86.

Trade recommendation

Remain long and with your take profit at 103.30.

Imelda Maseno
Analyst of «FreshForex» company
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