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Wait for a breakout

Wait for a breakout | 05 July 2021

05 July 2021, USD/JPY

Wait for a breakout

Technical observation

Last week USD rose with a big green candle and it is still showing signs of rising even further, I expect a continuation of this bullish movements of price to the resistance level 114.53 followed by a clear breakout above it with a big green candle. I would advise you remain neutral with this pair and wait for a clear breakout above the level 114.53 and a correction to it to pick long positions with your take profit at 125.70 and stop loss at 102.21. As it is on the weekly chart above, I can only recommend short positions in case of a clear breakout below the zone 104.74-104.22 with a big red candle followed by a pullback to it.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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