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Wait | 16 November 2021

16 November 2021, USD/JPY

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Technical observation

USD is trading with an increasing bullish bias below a resistance zone it established at 114.85-114.29, my expectation is either a continuation of this upwards movement followed by a clear breakout above the zone with a big green candle, or a loss of this bullish movement followed by a momentum to the lower side. In case of a clear break above the zone 114.85-114.29 with a big green candle, pick long positions on a second correction and a bounce within the zone with your take profit at 123.28 and stop loss at 112.15, however, if price declines to the supportive level 104.40, buy a bounce at it with your take profit at 114,29.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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