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We're neutral

We're neutral | 29 September 2021

29 September 2021, USD/JPY

We're neutral

Technical observation

USD has been trading with an increasing bullish bias for three consecutive weeks between the supportive zone 107.84-107.46 and a resistance level 114.08, this week, the value of this pair is rising steadily with a big green candle and I expect it to continue upwards for the rest of the week. For the pair above, wait for either a rise to the level 114.08 followed by a clear breakout above it with a big green candle to buy USD with your take profit at 121.53 and stop loss at 112.40.Or, pullback to the supportive zone 107.84-107.46, followed by a bounce within it to buy USD. I can only recommend short positions below the zone 107.84-107.46.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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