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We're bullish towards 106.16

We're bullish towards 106.16 | 10 November 2020

10 November 2020, USD/JPY

We're bullish towards 106.16

Technical observation

On the 4-hour chart above, price rose steadily and broke above a resistance zone 104.97-104.92 with a big green candle. It then pulled back to the just broken zone but could not break below it. Price bounced within the same zone and is currently trading with an increasing bullish momentum. I expect this upward movement to continue to the key level 106.16 followed by a clear break above it. If you bought USD within the above-mentioned zone after a bounce, remain long with your take profit at 106.16 and stop loss at 104.61. As it is on the chart above, only bullish positions look ideal for the pair above.

Trade recommendation

Remain bullish with your take profit at 106.16.

Imelda Maseno
Analyst of «FreshForex» company
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