We're flat | 07 May 2021

07 May 2021, USD/JPY

We're flat

Technical observation

On the weekly chart above, price is trading with an increasing bullish bias above a supportive zone it established at 108.08-107.78. My expectation is a loss of this bearish movement within the zone for a possible rally to the upper side; however, price can still break below the same zone with a big red candle. If you are currently flat with this pair remain neutral is ideal than picking any position. You can place a buy limit order within the zone 108.08-107.78 with your take profit at 115.64 and stop loss at 106.56. In case of a breach below the same zone, wait for a pullback to it and a rejection of price within it before you pick short positions.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
ปูมบันทึกอยู่ใน
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 .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus