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Wait for a sell from the upper trendline towards 102.590.

Wait for a sell from the upper trendline towards 102.590. | 01 June 2021

01 June 2021, USD/JPY

Technical Observation

USDJPY is currently pulling back to the upperside but is still below a significant dynamic resistance trendline. While the price remains below this trendline, I expect nothing but a sell position from the upper trendline. Aggressive traders can pick low risk buy positions towards the upper trendline, while conservative traders can wait for a rebound from the upper trendline to pick a possible long term sell positions towards 102.590. On its way to the lowerside, the key levels to look for include 107.665, 105.140.

Trade Recommendations:

Wait for a sell from the upper trendline towards 102.590.

Imelda Maseno
Analyst of «FreshForex» company
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