Remain flat temporarily. | 18 Desember 2020

18 Desember 2020, USD/JPY

Remain flat temporarily.

Technical observation

Price broke below the supportive level 103.71 with a big red candle and is currently pulling back to it. I expect a rejection at the same line for a surge to the lower side towards the supportive level 101.19. MY advice, remain flat temporarily and wait for a bounce at the line 103.71 to sell USD with your take profit at 101.19 and stop loss at 104.76. In case there is a clear breakout below the line 101.19 with a big red candle, wait for a correction to the just broken line and a bounce at it before you continue short with this pair. As it is on the daily chart above, only short positions look ideal and can be recommended.

Trade recommendation

Remain flat temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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