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Remain flat

Remain flat | 23 June 2021

23 June 2021, USD/JPY

Technical observation

On the weekly chart above USD is trading with an increasing bullish bias. I expect a continuation of this upwards movement to the resistance level 114.04 followed by a clear breakout above it with a big green candle. Right now remaining neutral with this pair is ideal than picking any position. In case of a clear break above the resistance level 114.04, I expect a correction to it followed by a bounce to buy USD towards the upper resistance level 125.70. As long as price is contained above the supportive zone 104.74-104.22, I can only recommend long positions for this pair. Bearish movements can only be anticipated below the same zone.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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