Remain flat | 15 September 2020

15 September 2020, USD/JPY

Remain flat

Technical observation

On the 4-hour chart above, price is trading with an increasing bearish momentum above a supportive level 105.34. I expect this downwards rally to continue to the supportive level followed by either a clear breakout below it with a big red candle or a rejection at it. If you are currently short with this pair, remain so and pick your profits at the line 105.34. However, if you are flat right now, remain neutral and wait for a break below 105.34 followed by a correction to it and a rejection to sell USD with your take profit at 104.29 and stop loss at 105.59. As it is on the chart above, only bearish positions are ideal.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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