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We're bullish towards 110.69

We're bullish towards 110.69 | 08 June 2021

08 June 2021, USD/JPY

We're bullish towards 110.69

Technical observation

On the daily chart above price pulled back to a trend line it established as indicated above, it then bounced on the line and is currently trading with an increasing bullish bias. As long as USD is contained above this line, i expect a momentum to the upper side. My advice if you picked long positions on the line indicated on the chart above, remain long with your take profit at 110.69 and stop loss at 108.55. Should there be a clear penetration above the level 110.69 with a big green candle, I expect a further surge to the upper side after a retracement to the just broken level. On the chart above, I can only recommend short positions below the level 107.85.

Trade recommendation

Remain long with your take profit at 110.69.

Imelda Maseno
Analyst of «FreshForex» company
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