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Wait | 09 November 2021

09 November 2021, USD/JPY

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Technical observation

USD did not rise as i had predicted yesterday, instead price declined and broke below the zone 113.43-113.31 and currently it is trading with an increasing bearish bias. I expect a loss of this bearish movement followed by a correction to the just broken zone and a rejection within it. My advice, wait for a second correction to the zone mentioned above and sell a bounce within it with your take profit at 111.95 and stop loss at 113.83. As long as USD is contained below the zone 113.43-113.31, I can only recommend picking short positions. On your way downwards the key levels to look for include 111.95, 110.79 and the lowest supportive level 109.22.

Trade recommendation

Wait for a second retracement to the zone 113.43-113.31 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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