We're flat | 29 January 2021

29 January 2021, USD/JPY

We're flat

Technical observation

USD rose steadily and is currently trading below the resistance line 104.69 with an increasing bearish bias. If you bought this pair within the zone 103.70-103.62, at the level 104.69 was the ideal place to pick your profits. I expect either a decline to the supportive zone mentioned above followed by either bounce within it to re-buy USD or, a clear breakout above the line 104.69 with a big green candle followed by a retracement to it for a further surge to the upper side to the resistance line 105.59. My advice, remain flat and wait for a either a correction to the zone 103.70-103.62 or a break above 104.69 to buy USD.

Trade recommendation

Remain neutral.

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Imelda Maseno
Analyst of «FreshForex» company
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