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Wait for a possible rebuy from 108.535 towards 109.691.

Wait for a possible rebuy from 108.535 towards 109.691. | 26 May 2021

26 May 2021, USD/JPY

Wait for a possible rebuy from 108.535 towards 109.691.

Technical Observation

USDJPY is trading within a falling channel formation. As it is now, we are expecting a bounce from the upper trendline to pick a sell position, As it is now, we are into a temporary sell towards 108.535. If the price breaks below this level 108.475, then we will be expecting further momentum to the lowerside but should not go beyond 107.705. On the other side, should the price bounce off from 108.535, then this will be a good place to pick a possible buy order with our target set at 109.691.

Trade Recommendations:

Wait for a possible rebuy from 108.535 towards 109.691.

Imelda Maseno
Analyst of «FreshForex» company
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