We're flat | 14 April 2020

14 April 2020, USD/JPY

Technical observation

Yesterday USD went down below a supportive zone it established around 107.99-107.86 with a big red candle and is currently trading below the just broken zone with an increasing bearish momentum. I expect a correction to the zone 107.99-107.86 followed by a rejection within it for possible bearish price rally. Remain flat and wait for a retracement to 107.99-107.86 and a rejection within it to sell USD. In case there is no rejection within the zone but a clear breakout above it then the penetration below it was false and a possible rise towards the key level 112.09 can be expected.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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