We're neutral | 03 June 2021
03 June 2021, USD/JPY
Technical observation
On the daily chart above, USD is trading with an increasing bullish bias between a supportive zone 108.15-107.97 and a resistance level 110.96. 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. Right now as it is on the chart above, remaining neutral with this pair is ideal than picking any position. In case of a penetration above the level 110.96, wait for a correction to it and a rejection confirming bullish movements of price before you buy USD. On the chart above, as long as price is contained above 108.15-107.97, I can only recommend bullish positions.
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.
