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We're neutral

We're neutral | 24 September 2021

24 September 2021, USD/JPY

Technical observation

On the chart above, price retraced to a supportive zone it established at 109.58-109.54 then spiked up to the resistance level 110.36. Currently USD is trading at the same level with an increasing bullish bias. My expectation is a clear breakout above the line with a big green candle for a further momentum to the upper side. If you bought USD at within the zone 109.58-109.54 and you’re still bullish, right now at the line 110.36 is the ideal place to pick your profits. However, if you are currently neutral with this pair, remain flat and wait for either a clear breakout above the line 110.36 and a correction to it to buy USD, or, a another retracement to the zone 109.58-109.54 to pick long positions.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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