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Wait for a correction to 114.41 to buy USD

Wait for a correction to 114.41 to buy USD | 17 November 2021

17 November 2021, USD/JPY

Wait for a correction to 114.41 to buy USD

Technical observation

On the hourly chart above, price broke above a resistance level 114.41 then retraced to it and rose steadily to the upper level marked at 114.96 where it could not rise any further. I expect a second retracement to the supportive 114.41 followed by a bounce at it to buy USD with my take profit at 114.96 and stop loss at 114.22. In case of a clear breakout above the highest resistance level 114.96, I expect the value of this pair to ascend further, on the other hand, if price is not sustained above the level 114.41 and instead it breaks below it with a big red candle, I expect a possible surge to the supportive zone 113.81-113.77.

Trade recommendation

Wait for a correction to the level 114.41 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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