We're neutral temporarily | 04 June 2021
04 June 2021, USD/JPY
Technical observation
USD is trading with an increasing bullish bias between a supportive zone 104.74-104.22 and a resistance level 114.15, I expect this upwards movement to continue to the resistance level I have mentioned above followed by a clear breakout above it with a big green candle. If you are currently neutral with this pair, remain so and wait for a clear breakout above the level 114.15 and a correction to it to buy USD with your take profit at 125.70. However, if price rally downwards and is rejected within the zone 104.74-104.22, buy USD within the zone with your take profit at 114.15. On the chart above, I can only recommend short positions below 104.74-104.22.
Trade recommendation
Remain flat.
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.
