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Wait | 18 October 2021

18 October 2021, USD/JPY

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Technical observation

The pair on the weekly chart above rose as I had anticipated and slightly penetrated above the key level 114.07; this week I expect either a further momentum to the upper side or a correction to the just broken line. In case of a retraced to the level 114.07, wait for second pullback to the same level and a rejection at it to buy USD with your take profit at 121.53 and stop loss at 112.19. However, if price is not contained above the level 114.0 and instead it breaks below it with a big red candle, wait for a correction to the just broken line and a rejection at it to sell USD towards the supportive zone 107.84-107.46.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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