Remain long towards 104.39

14 January 2021, USD/JPY

Technical observation

USD penetrated above a level 103.98 on the hourly chart above sending a long tail. It then decline to the same level but did not break above below it. As long as USD is contained above this line, you can only expect a momentum of price to the upper side. My advice, if you bought USD at the line 103.98 after a bounce, remain in the trade with your take profit at 104.39 and stop loss at 103.81. Should there be a clear break above the level 104.39 with a big green candle, wait for a correction to it before you continue long with this pair. Only bullish positions look ideal and can be recommended for this pair.

Trade recommendation

Remain long with your take profit at 104.39.

Imelda Maseno
Analyst of «FreshForex» company
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