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We're neutral

We're neutral | 03 June 2021

03 June 2021, USD/JPY

We're neutral

Technical observation

On the daily chart above, USD is trading with an increasing bullish bias between a supportive zone 108.15-107.97 and a resistance level 110.96. I expect this upwards movement to continue to the key level 110.96 followed by a clear breakout above it with a big green candle. Right now as it is on the chart above, remaining neutral with this pair is ideal than picking any position. In case of a penetration above the level 110.96, wait for a correction to it and a rejection confirming bullish movements of price before you buy USD. On the chart above, as long as price is contained above 108.15-107.97, I can only recommend bullish positions.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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