We're flat | 05 March 2021

05 March 2021, USD/JPY

Technical observation

USD broke above the level 106.94 with a big green candle and is still rising steadily towards the resistance line 109.58. I expect a correction to the just broken line followed by a bounce at it to pick long positions. My advice, remain flat and wait for a correction to the level 106.94 and a rejection at it to buy USD with your take profit at 109.58 and stop loss at 105.87. Should there be a clear breakout above the line 109.58 with a big green candle, I expect the value of this pair to increase further towards the resistance level 112.12. As it is on the daily chart above, only bullish positions look ideal and can be recommended.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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