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Wait for a correction to 113.33-113.25 to sell USD

Wait for a correction to 113.33-113.25 to sell USD | 10 November 2021

10 November 2021, USD/JPY

Wait for a correction to 113.33-113.25 to sell USD

Technical observation

USD is trading with an increasing bullish bias below a resistance zone 113.33-113.25 this upwards movement is a retracement to the just broken zone and I expect a rejection within it followed by a rally to the lower side. My advice, remain neutral temporarily and wait for a correction to the zone 113.33-113.25 then pick short positions within it after a bounce with your take profit at 111.94 and stop loss at 113.83. In case of a clear break below the level 111.94, I expect a further surge to the lower side to the supportive level 110.81. As long as USD is contained below the resistance zone 113.33-113.25, you can only expect a rally to the lower side.

Trade recommendation

Wait for a correction to the zone 113.33-113.25 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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