We're neutral | 02 April 2021

02 April 2021, USD/JPY

We're neutral

Technical observation

On the weekly chart above, I had anticipated a decline to the supportive zone 104.97-104.66, however, price went up with a big green candle and is still showing signs of rising even further. In case of a rise to the key level 114.80, I expect a clear breakout above it with a big green candle and therefore further bullish movements of price towards the key level 121.34. However in case of a decline to the supportive zone mentioned above, I expect either a clear breakout below it with a big red candle, or a bounce at it. Right now, as it is on the weekly chart above, remaining neutral with this pair more ideal than picking any positions.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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