We're flat | 10 September 2020

10 September 2020, USD/JPY

We're flat

Technical observation

USD is trading with an increasing bearish momentum between a supportive zone 104.74 and a resistance zone 108.17-107.94. I expect either a decline to the supportive line104.74 followed by a clear breakout below it with a big red candle to sell USD or a rise to the above mentioned resistance zone followed by a clear breakout above it for bullish movements of price. In case of a break below 104.74, sell USD at it after a correction with your take profit at 102.28 and stop loss at 105.56, and should there be a break above 108.17-107.94, buy USD within it after a retracement to it. Right now, remain flat with USD.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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