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Expect a rally towards 109.92

Expect a rally towards 109.92 | 09 June 2021

09 June 2021, USD/JPY

Expect a rally towards 109.92

Technical observation

USD retraced to a supportive zone it has established at 109.36-109.32, it bounced within the zone and is currently trading with an increasing bullish bias. I expect this upwards movement to continue to the resistance line 109.92 followed by either a rejection at it or a clear breakout above it with a big green candle. If you bought USD within the zone 109.36-109.32 after a bounce, remain long with your take profit at 109.92 and stop loss at 109.13. As it is on the hourly chart above, as long as price is contained above the zone 109.36-109.32, I can only recommend bullish positions for this pair; I can only recommend short positions below the same zone.

Trade recommendation

Remain long with your take profit at 109.92.

Imelda Maseno
Analyst of «FreshForex» company
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