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Expecting a rally to the level 110.17

Expecting a rally to the level 110.17 | 01 September 2021

01 September 2021, USD/JPY

Expecting a rally to the level 110.17

Technical observation

On the 4hour chat above, price retraced to a lower supportive trend line as indicated but could not penetrate below it; it bounced at the same level and has been rising steadily for some time. My expectation is a rise to the upper trend line followed by a clear breakout above it for a further rise in price; however, in case of a clear breakout below the lower trend with a big red candle, I expect a correction to it followed by a bounce for a momentum to the lower side. My advice, if you are long with this pair, remain in the trade with your take profit at 110.17 and stop loss at 109.40. Continue long in case of a break above 110.17.

Trade recommendation

Remain long with your take profit at 110.17.

Imelda Maseno
Analyst of «FreshForex» company
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