We're flat | 19 Oktober 2020

19 Oktober 2020, USD/JPY

We're flat

Technical observation

USD is trading below a resistance line 105.46 with an increasing bearish bias. However, I expect a clear breakout above the level mentioned above with a big green candle but price could still decline to the supportive zone 105.21-105.18. In case of a clear break above 105.46, wait for a correction to it and a bounce to buy USD with your take profit at 105.83 and stop loss at 105.33, and should there be a correction to the zone 105.21-105.18, buy USD within it after a bounce with your take profit at the resistance line 105.46. Right now remaining neutral with this pair is ideal than picking any position.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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