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We're bullish towards 110.50

We're bullish towards 110.50 | 13 August 2021

13 August 2021, USD/JPY

We're bullish towards 110.50

Technical observation

USD retraced to the zone 110.38-110.32 but did not penetrate below it, yesterday I expected a rise to the upper side but price did not move as anticipated, however, I still expect bullish movements of this pair towards the resistance level 111.50. If you picked long positions within the zone I have mentioned above after a bounce, remain long with your take profit at 110.50 and stop loss at 110.02. In case USD is not contained above the zone 110.38-110.32 and instead penetrates below it with a big red candle, wait for a pullback to the just broken zone and a rejection within it confirming a possible rally to the lower side before you short USD towards 109.62.

Trade recommendation

Remain long with your take profit at 110.50.

Imelda Maseno
Analyst of «FreshForex» company
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