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Wait | 13 July 2021

13 July 2021, USD/JPY

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Technical observation

On the weekly chart above price is trading with an increasing bullish bias between a supportive zone 104.74-104.22 and a resistance level 114.53, I expect a either a continuation of this upwards movement to the key level 114.53 followed by a clear breakout above it with a big green candle, or a decline to the zone I have mentioned above followed by either a bounce within it or a clear breakout below it with a big red candle. In case of a breakout above the resistance level 114.53 with a big green candle, wait for a retracement to the just broken zone and a bounce at it to buy USD with your take profit at 125.70 and stop loss at 112.26.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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