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Wait for a correction to 110.75-110.69 to sell USD

Wait for a correction to 110.75-110.69 to sell USD | 19 July 2021

19 July 2021, USD/JPY

Technical observation

On the 4 hour chart above, price is trading with an increasing bullish bias above a supportive level it established at 109.74, I expect a continuation of this upwards movement to the resistance zone 110.75-110.69 followed by a rejection within it to re-sell USD with take profit at 109.74 and stop loss at 111.13. In case of a clear break below the level 109.74 with a big red candle, you can anticipate a surge to the lower supportive level 108.55 after a correction to the just broken line. On the chart above, as long as USD is sustained below the resistance zone 110.75-110.69, I can only recommend short positions for this pair.

Trade recommendation

Wait for a correction to the zone 110.75-110.69 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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