We're short towards 104.12 | 17 November 2020

17 November 2020, USD/JPY

We're short towards 104.12

Technical observation

USD pulled back to the zone 104.96-104.91 but could not break above it. Price bounce within the zone and is currently trading with an increasing bearish momentum towards a supportive level 104.12. I expect this downwards movement to continue to the line 104.12 followed by a clear break below it for a surge in price to the lower side to the lower supportive level 103. 49. If you went short with this pair within the zone 104.96-104.91 after a bounce, remain in the trade with your take profit at 104.12 and stop loss at 105.19. I can only recommend bearish positions for the pair on the chart above.

Trade recommendation

Remain short with your take profit at 104.12.

Imelda Maseno
Analyst of «FreshForex» company
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