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We're long towards 110.69

We're long towards 110.69 | 08 September 2021

08 September 2021, USD/JPY

We're long towards 110.69

Technical observation

USD bounced at a trend line as indicated on the 4 hour chart above and since then it has been trading with an increasing bullish bias. I expect a continuation of this upwards movement to the resistance line 110.69 followed by a clear breakout above it with a big green candle. My advice, if you bought this pair at the level 109.67 after a bounce, remain long with your take profit at 110.69 and stop loss at 109.47. If price breaks above the resistance zone 110.69-110.75 with a big green candle, wait for a pullback to the broken level and a rejection at it to continue long with this pair towards the upper resistance level indicated at 111.64.

Trade recommendation

Remain long with your take profit at 110.69.

Imelda Maseno
Analyst of «FreshForex» company
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