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Wait | 11 October 2021

11 October 2021, USD/JPY

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Technical observation

USD has been trading with an increasing bullish bias for several weeks now and this week I still expect further bullish movements to the resistance level 114.08 followed by either a clear break above it with a big green candle, or a bounce at it followed by a correction to the supportive zone 107.84-107.46. In case of a clear breakout above the level 114.08 with a big green candle, wait for a correction to the just broken line and buy a bounce at it with your take profit at 121.53, and if there is a correction to the zone I have mentioned above, buy a bounce within it with your take profit at 114.08. I can only recommend short positions below the zone 107.84-107.46.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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