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Remain long

Remain long | 13 May 2021

13 May 2021, USD/JPY

Remain long

Technical observation

USD retraced to the supportive zone 108.08-107.7 but did not break below it, price bounced within the zone and is currently trading with an increasing bullish bias. I expect this upwards movement to continue to the resistance zone 115.64 followed either a clear breakout above it or a rejection at it. If you bought USD within the zone mentioned above after a bounce, remain long with your take profit at 115.64 and stop loss at 106.30. Should there be a clear break below the zone 108.08-107.78 with a big red candle, wait for a correction to the just broken zone and a rejection within it confirming a possible rally to the lower side before you short USD.

Trade recommendation

Remain long with your take profit at 115.64.

Imelda Maseno
Analyst of «FreshForex» company
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