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Expecting a rally towards 114.23

Expecting a rally towards 114.23 | 08 November 2021

08 November 2021, USD/JPY

Expecting a rally towards 114.23

Technical observation

USD retraced to a supportive zone 113.38-113.28 as I had predicted and it did not break below it. Price bounced within the zone and is currently trading with an increasing bullish bias. I expect a continuation of this upwards movement to the resistance level 114.23 followed by either a clear breakout above it with a big green candle or a rejection at it followed by another correction to the zone 113.38-113.38. On the 4 hour chart above, if you picked long positions within the zone mentioned above I would advise you remain in the trade with your take profit at 114.23 and stop loss at 112.83. I can only recommend short positions below the zone 113.38-113.28.

Trade recommendation

Remain long with your take profit at 114.23.

Imelda Maseno
Analyst of «FreshForex» company
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