We're flat | 14 Agustus 2020

14 Agustus 2020, USD/JPY

We're flat

Technical observation

The pair on the chart above is still trading with an increasing bullish momentum above a zone 106.67-106.50 it recently broke above with a big green candle. I expect a correction to the just broken zone followed by a rejection within it to long this pair towards the resistance line 109.24. My advice, remain flat and wait for a correction to the zone 106.67-106.50 and a bounce within it to buy USD with your take profit at 109.24 and stop loss at 105.47. On the daily chart above, as long as the value of USD is contained above the zone 106.67-106.50 you can only expect upwards movements of price.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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