We're flat | 16 June 2021
16 June 2021, USD/JPY
Technical observation
On the chart above, price is trading with an increasing bullish bias between a supportive zone 104.74-104.22 and a resistance level 114.53, in case of a momentum to the upper side followed by a clear breakout above the resistance level 114.53, I anticipate a further rise to the key level 125.70 after a correction to the just broken line. However, if price declines to the zone 104.74-104.22, you can buy USD within it after a bounce with your take profit at 114.53 and stop loss at 102.31. I can only recommend short positions in case of a clear penetration below the zone 104.74-104.22 followed by a correction to it.
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.
