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Place a buy limit order at 108.93

Place a buy limit order at 108.93 | 18 May 2021

18 May 2021, USD/JPY

Place a buy limit order at 108.93

Technical observation

USD is trading with an increasing bearish bias above a trend line as indicated on the daily chart above; I expect a loss of this bearish movement at the same line for a possible momentum to the upper side. My advice, pick long positions on the trend line indicated on the chart above after a bounce with your take profit at 110.96 and stop loss at 108.37. In case of a penetration above the line 110.96 with a big green candle, I expect a pullback to it and a bounce followed by a further rally to the upper side. On the daily chart above, as long as price is contained above the zone 108.37-108.22, I can only recommend bullish positions for USD.

Trade recommendation

Place pending buy limit at 108.93.

Imelda Maseno
Analyst of «FreshForex» company
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