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Wait for a retracement to 108.15-107.94

Wait for a retracement to 108.15-107.94 | 21 June 2021

21 June 2021, USD/JPY

Wait for a retracement to 108.15-107.94

Technical observation

USD rose up to the resistance level 110.72 but could not break above it. Price is currently trading with an increasing bearish bias and this downwards movement is a correction to the supportive zone 108.15-107.94. My expectation is a surge to the zone I have mentioned above followed by a rejection within it to re-buy USD. Right now as it is on the daily chart above, remaining neutral with this pair is ideal than picking any position. My advice, wait for a correction to the zone 108.15-107.94 and bounce within it to buy USD with your take profit at 110.72 and stop loss at 107.17. I can only recommend short positions below the zone 108.15-107.94.

Trade recommendation

Wait for a correction to 108.15-107.94 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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