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Expect a momentum towards 109.32

Expect a momentum towards 109.32 | 26 July 2021

26 July 2021, USD/JPY

Expect a momentum towards 109.32

Technical observation

On the 4 hour chart above, price retraced to the resistance zone it established at 110.62-110.58, it bounced below the zone and is currently rallying to the lower side. I expect a momentum to the supportive level 109.32 followed by a clear breakout below it with a big red candle for a further surge to the lower side. If you sold USD within the zone 110.62-110.58 after a bounce, remain short with your take profit at 109.32 and stop loss at 110.91. In case of a clear breakout below the level 109.32 with a big red candle, wait for a correction to the broken line and a bounce at it before you continue short towards 107.61.

Trade recommendation

Remain short with your take profit 109.32.

Imelda Maseno
Analyst of «FreshForex» company
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