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Place a buy order within 104.58-104.42

Place a buy order within 104.58-104.42 | 09 February 2021

09 February 2021, USD/JPY

Place a buy order within 104.58-104.42

Technical observation

On the daily chart above a supportive zone 104.58-104.42 with an increasing bearish bias. This bearish movement is a correction to the zone and I expect a rejection of it within the same zone for a possible momentum to the upper side. My advice, place a pending buy limit within the zone mentioned above with your take profit at 107.91 and stop loss at 103.09. In case of a break above the line 107.91 with a big green candle, wait for a pullback t it and a bounce confirming possible further increase in price to the upper side before you continue long with this pair towards the key line 112.08.

Trade recommendation

Buy USD within 104.58-104.42 with your take profit at 107.91 and stop loss at 103.09.

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Imelda Maseno
Analyst of «FreshForex» company
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