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Wait | 07 October 2021

07 October 2021, USD/JPY

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Technical observation

On the chart above price rose and hit our take profit at 111.79 but did not break below it, it bounced at t and the declined and right now USD is trading between the same level and a supportive level 110.78 with an increasing bullish bias. Despite this bullish movement I expect a possible bearish rally to the supportive level I have mentioned above followed by a rejection at it to re-buy USD with my take profit at 111.79 and stop loss at 110.46.I expect a further surge to the upper side in case of a clear breakout above the level 111.79 with a big red candle. However, if price break below the supportive level 110.78, I expect it to descend towards the supportive zone 109.58-109.54.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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