Remain flat temporarily. | 29 November 2018

29 November 2018, USD/JPY

Technical observation

USD is still below the zone 114.84-114.08 and I expect either a rejection of it within the zone or a clear breakout above it for bullish price rally. In case of a bounce within the zone pick short positions within it with your ideal target at the key level 104.65 but should there be a clear penetration above the zone with a big green candle, wait for a correction to it confirming possible bullish movement of price before you buy this pair on the second retracement to it with your take profit at the key level 123.18 and stop loss at 110.36.Right now I would advise you remain flat temporarily and wait for either a bounce or a breakout to trade USD.

Trade recommendation

Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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