We're flat | 22 March 2021
22 March 2021, USD/JPY
Technical observation
USD is trading with an increasing bullish bias below the resistance line 109.23, however I expect a decline the supportive zone 106.83-106.66 followed by rejection within it to pick long positions. My advice, remain neutral and wait for a correction to the zone mentioned above and a bounce within it to buy USD with your take profit at 109.23 and stop loss a 105.79. In case of a penetration above the line 109.23 with a big green candle, wait for a correction to the just broken line and a bounce at it confirming further bullish movements before you continue long towards the resistance line marked at 112.07.
Trade recommendation
Remain neutral.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
