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Remain bullish towards 113.76

Remain bullish towards 113.76 | 14 October 2021

14 October 2021, USD/JPY

Remain bullish towards 113.76

Technical observation

USD has been trading with an increasing bullish bias between the supportive level 113.06 and a resistance level 113.79 for several for the past consecutive 3 hours then went down for some time and is currently rallying upwards. I expect a continuation of this bullish movement to the key level 113.79 followed by either a clear breakout above it with a big green candle, or a rejection at it followed by a correction to the supportive level 1113.06. If you are currently long with this pair, remain in the trade and pick your profits at 113.79 however, if you are flat, wait for either a break above 113.79 or a correction to 113.06 to buy USD.

Trade recommendation

Remain long with your take profit at 113.76.

Imelda Maseno
Analyst of «FreshForex» company
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