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We are bullish towards 114.62

We are bullish towards 114.62 | 26 October 2021

26 October 2021, USD/JPY

Technical observation

On the 4 hour chart above, price retraced to a supportive zone 113.58-113.65 but could not break below it; it was contained above the zone and is currently trading with an increasing bullish bias. I expect price to rise steadily to the resistance level 114.62 followed by either a clear breakout above it with a big green candle, or a bounce at it followed by another correction to the supportive zone I have mentioned above. If you bought USD within the zone 113.58-113.65 after a bounce, remain long with your take profit at 114.62 and stop loss at 113.14. In case of a penetration below the zone 113.58-113.65, wait for a pullback to it before you short USD towards 112.07.

Trade recommendation

Remain long with your take profit at 114.62.

Imelda Maseno
Analyst of «FreshForex» company
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