We're flat | 09 April 2020

09 April 2020, USD/JPY

We're flat

Technical observation

USD is still retracing towards the supportive zone it established around 107.99-107.86. I expect a loss of this bearish rally within the above-mentioned zone for possible upwards movement of price. Remain flat temporarily and wait for the pullback to the zone 107.99-107.86 and a rejection within it to buy USD with your take profit at 112.09 and stop loss at 106.86. On the daily chart above, as long as price is above the supportive zone 107.99-107.86, only bullish movements can be expected. Bearish movements can only be anticipated below the zone 107.99-107.86 towards the supportive level 104.96.

Trade recommendation

Remain flat temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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