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bearish towards 109.19

bearish towards 109.19 | 10 June 2021

10 June 2021, USD/JPY

Technical observation

On the hourly chart above, price retraced to a resistance zone it established at 109.66-109.63 then bounced within the zone and now it is trading with an increasing bearish bias. I expect this downwards movement to continue to the supportive level 109.19 followed by a clear breakout below it with a big red candle. My advice, if you sold USD within the zone 109.66-109.63 after a bounce, remain short with your take profit at 109.19 and stop loss at 109.83. In case of a penetration below the level 109.19 with a big red candle, I expect a further surge in price to the supportive level 108.65 after a correction to the just broken line.

Trade recommendation

Remain short with your take profit at 109.19.

Imelda Maseno
Analyst of «FreshForex» company
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