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Wait | 04 October 2021

04 October 2021, USD/JPY

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Technical observation

USD is still trading with an increasing bullish bias between a supportive zone 107.84-107.46 and a resistance level 114.08, in case this upwards movement continue to the level 114.08, I expect either a clear breakout above with a big green candle, or a rejection at it followed by another correction to the supportive zone 107.84-107.46. Right now, remaining neutral with this pair is ideal than picking any positions. My advice, remain neutral and wait for a either a clear break above the level 114.08 and a retracement to it to buy USD or a correction to the zone I have mentioned to buy this pair. I can only recommend short positions below 107.84-107.46.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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