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Remain long and pick your profits at 114.08

Remain long and pick your profits at 114.08 | 15 October 2021

15 October 2021, USD/JPY

Remain long and pick your profits at 114.08

Technical observation

USD is trading with an increasing bullish bias below the resistance level 114.08; my expectation is either a clear breakout above the level with a big green candle, or a rejection of price at the level 114.08 followed by a retracement to the supportive zone 107.84-107.46. My advice, if you are currently long with this pair, you can pick your profits now at 114.08. In case there is a clear breakout above the level 114.08 with a big green candle, wait for a correction to the broken line and pick long positions at it with your take profit at 121.53. However, in case of a bounce the level 114.08, wait for another retracement to the supportive zone 107.84-107.46 to buy USD.

Trade recommendation

Remain long and pick your profits at 114.08.

Imelda Maseno
Analyst of «FreshForex» company
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