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Expecting a rally towards 114.63

Expecting a rally towards 114.63 | 04 November 2021

04 November 2021, USD/JPY

Technical observation

USD is trading with an increasing bullish bias between the supportive zone 113.52-113.43 and a resistance level 114.63. I expect this upwards movement to continue to the key level 114.63 followed by either a clear breakout above it with a big green candle or a bounce at followed by another retracement to the zone 113.52-113.43. If you picked long positions within and you are currently holding long positions with this pair, my advice is you remain in the trade with your take profit at 114.63 and stop loss at 112.86. In case of a breakout below the zone 113.52-113.43 with a big red candle, I expect price to decline towards the supportive level 111.95.

Trade recommendation

Remain long with your take profit at 114.63.

Imelda Maseno
Analyst of «FreshForex» company
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