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Remain flat

Remain flat | 27 October 2021

27 October 2021, USD/JPY

Remain flat

Technical observation

On the weekly chart above, price rose as I had expected up to the resistance zone 114.78-114.48 and at this zone I expected either a clear breakout above it with a big green candle or a rejection at it followed by a rally to the lower side. USD bounced within the zone and for one week it went down with a big red candle, despite anticipating further bearish movements of price, this week however USD has been trading with an increasing bullish bias and it is showing signs of rising even further. In case of a clear breakout above the zone I have mentioned above with a big green candle, wait for a correction to it then buy USD on a second retracement to the zone with your take profit at 125.31.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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