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Wait for a correction to buy USD

Wait for a correction to buy USD | 30 March 2021

30 March 2021, USD/JPY

Technical observation

On the daily chart above, USD did not decline to the supportive zone 106.83-106.66 as I had anticipated, instead, it rose and broke above a key level 109.23 with a big green candle, and is still trading with an increasing bullish bias, however, I expect a loss of this bullish movements followed by a correction to the just broken level 109.23 and a rejection at it to pick long positions. My advice, remain flat and wait for a correction of price to the line 109.23 and a bounce to buy USD with your take profit at 112.07 and stop loss at 108.30. If price breaks above the level 112.07 with a big green candle, you can expect a further rise in price.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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