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Wait | 22 October 2021

22 October 2021, USD/JPY

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Technical observation

USD is trading with an increasing bearish bias above the level 114.07; I expect a loss of this bearish movement at the same line followed by a momentum to the upper side. My advice, remain neutral and wait for a second retracement to the same line and a bounce at it to buy USD with your take profit at 121.53 and stop loss at 112.26. If price penetrates above the level 121.53 with a big green candle, I expect a further rally to the upper side, however, if this pair is not contained above the level 114.07 and instead it breaks below it with a big red candle, wait for a correction to the just broken line before you short USD towards the zone 107.84-107.46.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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