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Still bullish towards 106.16

Still bullish towards 106.16 | 29 September 2020

29 September 2020, USD/JPY

Still bullish towards 106.16

Technical observation

USD continues to rise above the supportive zone it established around 105.22-105.16 and I expect it to rally up to the resistance line 106.16 followed by either a clear break above it with a big green candle, or a rejection at it followed by another retracement to the zone 105.22-105.16. If you are currently long with this pair, remain in the trade with your take profit at 106.16 and stop loss at 104.87. In case there is a clear breakout above the line 106.16, wait for a correction to it and a bounce confirming further bullish movements before you continue long with this pair towards the resistance zone 107.49-107.40.

Trade recommendation

Remain bullish with your take profit at 106.16.

Imelda Maseno
Analyst of «FreshForex» company
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