Wait | 15 June 2021
15 June 2021, USD/JPY
Technical observation
On the chart above, price broke above a resistance zone 109.66-109.63 with a big green candle then retraced to it twice. After the second retracement to the zone, USD rose up to the resistance level 110.14 but could not break above it, it bounced at the level and is currently trading with an increasing bearish bias. This downwards movement is a correction to the zone I have mentioned above and I expect a rejection of price within it to re-buy USD. On the hourly chart above, as long as price is contained above the zone 109.66-109.63, I can only recommend long positions for this pair. Right now remain neutral with this pair.
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.
