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Wait | 20 October 2021

20 October 2021, USD/JPY

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Technical observation

USD is still trading with an increasing bullish bias above the key level 114.07 it penetrated last week. My expectation is loss of this bullish movement followed by a retracement to the just broken line and a rejection at it to buy USD with my take profit at 121.53 and stop loss at 112.15. In case of a clear breakout above the level 121.53 with a big green candle, I expect price to ascend further towards the level 129.10. On the flip side, in case of a clear breakout below the supportive level 1114.07 with a big red candle, I expect bearish movements of price to the supportive zone 107.84-107.46 after a retracement to the broken line and a bounce at it.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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