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We're bullish towards 109.36

We're bullish towards 109.36 | 18 March 2021

18 March 2021, USD/JPY

We're bullish towards 109.36

Technical observation

USD retraced to a supportive zone it established 108.88-108.82 but did not break below it. Price bounced within the zone and is currently trading with an increasing bullish bias. If you bought USD within the zone mentioned above after a bounce, remain long with your take profit at 109.36 and stop loss at 108.57, however, if you are currently flat with this pair, wait for another correction to the zone mentioned above to buy USD. As long as USD is contained above 1.3916-1.3912 you can only anticipate bullish movements of price, on the flip side, in case of a break below the same zone, expect a possible surge to the level 108.33.

Trade recommendation

Remain long with your take profit at 109.36.

Imelda Maseno
Analyst of «FreshForex» company
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