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Looking to sell within 114.05-114.02

Looking to sell within 114.05-114.02 | 22 November 2021

22 November 2021, USD/JPY

Looking to sell within 114.05-114.02

Technical observation

USD is trading with an increasing bullish bias below a resistance zone 114.05-114.02 and i expect a loss of this upwards movement within the zone followed by a surge to the lower side. My advice, sell a bounce within the zone I have mentioned above with your take profit at 113.26 and stop loss at 114.21. In case USD is not sustained below the zone 114.05-114.02 but instead it penetrates above it with a big green candle, I expect a retracement to the broken zone followed by a rejection at it confirming possible upwards movement of price, on the other hand, if price penetrates below the level 113.26 with a big red candle, I expect a surge to the lower supportive level 112.72.

Trade recommendation

Sell USD within 114.05-114.02 with your take profit at 113.26.

Imelda Maseno
Analyst of «FreshForex» company
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