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Expect a momentum towards 112.12.

Expect a momentum towards 112.12. | 14 July 2021

14 July 2021, USD/JPY

Expect a momentum towards 112.12.

Technical observation

USD retraced to the supportive zone it established at 109.66-109.55 but could not break below the zone. For three consecutive days now it has been trading with an increasing bullish bias and I expect a continuation of this upward movement towards the key level 112.12. If you bought USD within the zone 109.66-109.55 after a bounce, remain long with your take profit at 112.12 and stop loss at 108.78. Should there be a clear breakout above the level 112.12 with a big green candle I expect a further momentum to the upper side after a retracement to the just broken line. I can only recommend short positions below 109.66-109.55.

Trade recommendation

Remain long with your take profit at 112.12.

Imelda Maseno
Analyst of «FreshForex» company
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