We're bearish towards 101.16 | 30 Desember 2020

30 Desember 2020, USD/JPY

Technical observation

On the chart above, price is trading with an increasing bearish momentum below a resistance line 103.80, I expect this bearish rally to continue to the supportive line 101.16 followed by either a clear breakout below it with a big red candle, or a bounce at it. However, this pair can still break above the line 103.80 with a big green candle. If you sold USD at the line 103.80 after a bounce, remain short with your take profit at 101.16 and stop loss at 104.79. In case of a break above the line 103.80, wait for correction to it confirming bullish movements of price before you buy USD towards the line 107.94.

Trade recommendation

Remain short with your take profit at 101.16.

Imelda Maseno
Analyst of «FreshForex» company
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