Expect bullish movemnets towards 110.96 | 11 May 2021

11 May 2021, USD/JPY

Expect bullish movemnets  towards 110.96

Technical observation

USD broke below the supportive zone 108.37-108.22 but it was not contained below the zone, it rose above the same zone the retraced to it and was sustained above the zone, recently price pulled back to the same zone but was rejected within it and is currently tarding with an increasing bullish bias. I expect this upwrads movement to continue to the resistance line 110.96 followed by a clear breakout above it with a big green candle. My advice, if you bought USD within the zone 108.37-108.22 after a bounce, remain long with your take profit at 110.96 and stop loss at 107.46. I can only recommend short poditiosn below 108.37-108.22.

Trade recommendation

Rmain long with your take profit at 110.96.

Imelda Maseno
Analyst of «FreshForex» company
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