We are long towards 110.96 | 06 May 2021

06 May 2021, USD/JPY

Technical observation

USD declined and broke below the supportive zone 108.37-108.22 but it was not contained below it, it then rose above the same zone, retraced to it and bounced within the zone 107.38-108.22, price is currently trading with an increasing bullish bias and I expect this upwards movement to continue to the key level 110.96 followed by a clear breakout above it with a big green candle.My advice, if you are currently long with this pair, remain so with your take profit at 110.96 and stop loss at 107.47. In case of a clear breakout above the level 110.96 with a big green candle, wait for a correction to it and rejection before you continue long.

Trade recommendation

Remain long with your take profit at 110.96.

Imelda Maseno
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Login
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .