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Remain neutral

Remain neutral | 02 November 2021

02 November 2021, USD/JPY

Remain neutral

Technical observation

USD is trading with an increasing bullish bias between a supportive zone 113.37-113.26 and a resistance level 114.62 my expectations is either a further rally to the upper side followed by a possible rejection of price at the level or a clear breakout above it, or, a loss of this upwards movement followed by a decline to the zone mentioned above. If price rises and breaks above the level 114.62 with a big green candle, pick long positions after a second retracement to the broken key level, similarly, if price retraces to the zone 113.37-113.26, pick long positions within it after a bounce. On the chart above I can only recommend short positions below the supportive zone 113.37-113.26.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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