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we are flat

we are flat | 11 November 2021

11 November 2021, USD/JPY

Technical observation

On the 4 hour chart above, price did not rally to the lower side as I had predicted yesterday, instead, it rose and broke above the zone 113.34-113.24 with a big green candle and hit our stop loss. As long as USD remains above this zone, I expect a momentum to the upper resistance level 114.26 and a possible breakout above it with a big green candle. Right now USD is trading with an increasing bearish bias above the just broken zone; I expect a continuation of this downwards movement to the zone followed by a bounce within it to buy USD with my take profit at 114.26 and stop loss at 112.72. Continue long after a break above the level 114.26.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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