we are bullish towards 115.64 | 05 May 2021

05 May 2021, USD/JPY

we are bullish towards 115.64

Technical observation

USD pulled back to the supportive zone 108.08-107.78 and was sustained above it. Price is currently trading with an increasing bullish bias and i expect this upwards movement to continue to the level 115.64 followed by a clear breakout above it with a big green candle, or a bounce at it. In case price does not rise and instead breaks below the zone mentioned above then you can expect a momentum to the lower side after a correction to the just broken zone. My advice, if you bought USD within the zone 108.08-107.78 after a bounce, remain long with your take profit at the resistance line 115.64 and stop loss at 106.22.

Trade recommendation

We’re long with take profit at 115.64.

Imelda Maseno
Analyst of «FreshForex» company
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