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Wait for a correction to buy USD

Wait for a correction to buy USD | 30 September 2021

30 September 2021, USD/JPY

Technical observation

On the 4 hour chart above, USD ascended steadily to the resistance level 112.05 but could not break above; it bounced at the level and is currently trading with an increasing bearish momentum. My expectation is a continuation of this downwards movement to the supportive zone this pair established at 111.27-111.22 followed by a rejection within it to re-buy USD. As it is on the chart above, remaining neutral with this pair is ideal than picking any positions. My advice, remain flat and wait for a correction to the zone 111.27-111.22 then pick long positions within it after a bounce with your take profit at 112.05 and stop loss at 110.96.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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