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Wait | 22 April 2021

22 April 2021, USD/JPY

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Technical observation

For several weeks now, USD has been trading with an increasing bearish bias between a supportive zone 104.97-104.66 and a resistance line 115.64. This bearish movement is a correction to the zone mentioned above and I expect a loss of it within the zone for a rally to the upper side, however, price could still break below the zone with a big red candle. As it is on the chart above, remaining neutral with this pair is ideal than picking any position. Wait for a correction to the zone 104.97-104.66 and a bounce within it to buy USD with your take profit at 115.64. I can only recommend bearish movements below the zone 104.97-104.66.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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