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Wait | 21 May 2021

21 May 2021, USD/JPY

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Technical observation

This week USD has been trading with an increasing bearish bias between a supportive zone 104.74-104.22 and a resistance level 114.53, I expect this downwards movement to continue to the zone I have mentioned above followed by a possible break below it with a big red candle. If price rises to the key level 114.53, I expect a possible breakout above it with a big green candle. In case of a clear break below the zone I have mentioned above, wait for a correction to it before you pick short position. As it is on the chart above as long as price is contained above the zone 104.74-104.22, I can only recommend bullish positions for USD.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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