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We're bullish towards 111.35

We're bullish towards 111.35 | 01 July 2021

01 July 2021, USD/JPY

Technical observation

USD rose significantly to the upper side and penetrated above a resistance level 111.03 with a big green candle, it then retraced to the just broken level but could not penetrate below it, price was sustained above the same line and as long as it is above it, I expect a further momentum to the upper side. My advice, if you bought USD at the level 111.03 after a bounce, remain long with your take profit at 111.35 and stop loss at 110.9. In case of a breakout below the level 111.03 with a big red candle, wait for a correction to it and a rejection confirming a possible surge to the lower side before you pick short positions towards the supportive zone 110.48-110.45.

Trade recommendation

Remain long with your take profit at 111.35.

Imelda Maseno
Analyst of «FreshForex» company
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