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Remain flat

Remain flat | 15 November 2021

15 November 2021, USD/JPY

Remain flat

Technical observation

USD is trading with an increasing bullish bias below a resistance level 114.28 and my expectation is a loss of this bullish movement followed by a retracement to the supportive zone 113.38-113.32. For the pair above, I would advise you wait for a correction to the zone mentioned above then buy a bounce within it with your take profit at 114.28 and stop loss at 112.74. In case price does not retrace to the zone 113.38-113.32 but instead it rises above the level 114.28 with a big green candle, wait for a correction to the broken line before you pick long positions. On the flip side, in case there is a clear break out below the zone 113.38-113.32, I expect price to surge to the supportive level 111.97.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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