We're flat | 24 March 2021

24 March 2021, USD/JPY

We're flat

Technical observation

USD is rallying with an increasing bearish bias between a supportive zone 104.97-104.66 and a key level 114.80. My expectation is a decline to the zone mentioned above followed by a rejection within it for a momentum to the upper side. My advice, remain flat and wait for a correction to the zone 104.97-104.66 and a bounce within it to buy USD with your take profit at 114.80 and stop loss at 101.91. In case of a breakout above the line 114.80 with a big green candle, wait for a correction to the just broken line and a rejection at it confirming further upwards movements of price before you continue long towards the level 121.34.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Login
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .