We're neutral | 08 March 2021

08 March 2021, USD/JPY

Technical observation

Since it broke above the line 106.94, USD has been trading with an increasing bullish bias. However, I expect a loss of this upwards movement followed by a correction to the line mentioned above to buy USD with my take profit at 109.58 and stop loss at 105.87. In case there is a clear break above the line 109.58 with a big green candle, wait for a correction to the just broken line and a bounce at it confirming further bullish movements of price before you continue long with this pair towards the upper resistance line 112.12.On the daily chart above, only bullish positions look ideal and can be recommended.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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