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Wait | 07 June 2021

07 June 2021, USD/JPY

Technical observation

On the daily chart above, USD is trading with an increasing bearish bias between a supportive zone 108.15-107.94 and a resistance level 110.96. This bearish movement is correction to the zone I have mentioned above and I expect a loss of it within the zone for a momentum to the upper side. Remain neutral and wait for a correction to the zone 108.15-107.94 and a rejection within it to buy USD with your take profit at 110.96 and stop loss at 107.22. In case of a clear penetration above the level 110.96 with a big green candle, you can anticipate further bullish movements of price after a retracement to the just broken line.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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