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We're long towards 104.64

We're long towards 104.64 | 12 January 2021

12 January 2021, USD/JPY

We're long towards 104.64

Technical observation

On the 4-hour chart above, price broke above a key level 103.88 with a big green candle then pulled back to it; it was contained above the line after a bounce and is currently trading with an increasing bullish bias. If you bought USD at the line 103.88 after a bounce, remain long with your take profit at 104.64 and stop loss at 103.55. In case of a clear breakout above the resistance zone 104.69-104.64 with a big green candle, I expect the value of this pair to plummet further to the upper side after a retracement to the just broken zone and a bounce within it. I can only recommend bullish positions for the pair above.

Trade recommendation

Remain bullish with your take profit at 104.64.

Imelda Maseno
Analyst of «FreshForex» company
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