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Looking to buy within 107.84-107.46

Looking to buy within 107.84-107.46 | 22 September 2021

22 September 2021, USD/JPY

Looking to buy within 107.84-107.46

Technical observation

On the chart above, price is trading with an increasing bearish bias slightly above a supportive zone 107.84-107.46, this bearish movement is a correction to the zone I have mentioned above and I expect it to continue to the same zone followed by a rejection within it for a momentum to the upper side. My advice, wait for a retracement to the zone 107.84-107.46 and a rejection within it to buy USD with your take profit at 114.08 and stop loss at 105.77.In case there is a clear breakout below the supportive zone 107.84-107.46 with a big red candle, wait for a correction to the broken zone and rejection within it before you pick short positions.

Trade recommendation

Wait for a correction to the zone 107.84-107.46 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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