Remain flat temporarily. | 09 Desember 2020

09 Desember 2020, USD/JPY

Remain flat temporarily.

Technical observation

On the hourly chart above, price is trading below a resistance zone 104.20-104.18 with an increasing bullish bias. I expect either a loss of this upwards movement within the zone or a clear breakout above it with a big green candle. In case of a bounce within 104.20-104.18, sell USD within it with your take profit at 103.94 and stop loss at 104.29. However, should price penetrate above the same zone with a big green candle, wait for a correction to it and a bounce confirming a possible momentum to the upper side before you buy USD with your take profit at 104.46 and stop loss at 104.08.

Trade recommendation

Remain flat temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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