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We are neutral

We are neutral | 08 October 2021

08 October 2021, USD/JPY

We are neutral

Technical observation

The pair on the chart above has been trading with an increasing bullish bias for some time now, this week price has risen steadily with a big green candle and today I still expect it to rise further and even close bullish. Next week I expect the value of this pair to ascend further to the resistance level it established at 114.08 followed by a clear breakout above it with a big green candle. While price is above the key level 114.08, wait for a correction to it and a bounce before you pick long positions with your take profit at 121.53 and stop loss at 112.43. However, in case there is no break above the line 114.08, wait for another correction to the zone 107.84-107.46 to buy USD.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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