We're flat | 01 Juli 2020

01 Juli 2020, USD/JPY

We're flat

Technical observation

USD is trading with an increasing bullish momentum between a supportive level 104.65 and a resistance zone 114.32-113.97. My expectation is either a decline to the supportive level followed by a clear breach below it with a big red candle, or a rise to the resistance zone mentioned above followed by a clear breakout above it. In case of a clear penetration below 104.65, wait for a pullback to it and a rejection to confirm possible bearish movements of price before you sell USD. Right now remaining flat with thin pair is ideal than entering any position.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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