We're flat | 08 December 2020

08 December 2020, USD/JPY

Technical observation

In the last hour the pair on the hourly chart above went up with a big green candle; I still expect this pair to rally upwards to the resistance zone 104.22-104.20 followed by a bounce within it to short USD towards the supportive level 103.92. In case price does not retrace to the resistance zone and instead declines penetrating the trend line indicated on the chart above to the line 103.93, I expect a clear breakout below 103.93 followed by a pullback to it and a bounce to sell USD towards the key line 103.66. Right now as it is on the chart above, remaining neutral with this pair is ideal than picking any positions.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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