Remain flat | 23 June 2021
23 June 2021, USD/JPY
Technical observation
On the weekly chart above USD is trading with an increasing bullish bias. I expect a continuation of this upwards movement to the resistance level 114.04 followed by a clear breakout above it with a big green candle. Right now remaining neutral with this pair is ideal than picking any position. In case of a clear break above the resistance level 114.04, I expect a correction to it followed by a bounce to buy USD towards the upper resistance level 125.70. As long as price is contained above the supportive zone 104.74-104.22, I can only recommend long positions for this pair. Bearish movements can only be anticipated below the same zone.
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.
