Remain flat | 07 Juli 2020

07 Juli 2020, USD/JPY

Remain flat

Technical observation

On the chart above, price pulled back to a supportive zone 107.49-107.40 but was no contained; instead, it penetrated below the zone with a big red candle and is currently trading with an increasing bullish momentum below it. I expect a loss of this bullish movement within the zone mentioned above for possible bearish rally towards the supportive line 106.44, however, in case price does not bounce within the zone and instead break above it with a big red candle then the penetration below the zone was false and you can anticipate bullish movements. Right now, remain flat with USD.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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