still long towards 111.76 | 21 January 2020

21 January 2020, USD/JPY

still long towards 111.76

Technical observation

USD is continues to trade on an increasing bullish momentum above the zone 109.75-109.62. I expect this pair to rise further towards the key level 111.76 followed by a possible breach above it. If you went long within the zone mentioned above following a bounce after a retracement of price to it, my advice is remain in the trade with your take profit at 111.76 and stop loss at 109.01. However, should there be a clear breach below the zone 109.75-109.62 with a big red candle then we can expect the value of USD to plummet to the supportive level 106.77.Right now only bullish movements can be expected.

Trade recommendation

Remain long with your take profit at 111.76 and stop loss at 109.01.

Imelda Maseno
Analyst of «FreshForex» company
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