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Expecting a momentum towards 111.14

Expecting a momentum towards 111.14 | 12 August 2021

12 August 2021, USD/JPY

Expecting a momentum towards 111.14

Technical observation

USD rose and penetrated above the zone 110.39-110.33 with a big green candle, it then pulled back to the same zone but did break below it and as long as price is contained above this zone I expect a surge to the upper side. My advice, if you picked long positions within the zone 110.39-110.33 remain long with your take profit at 111.14 and stop loss at 110.02. However, if you are currently flat with this pair, wait for either, a clear breakout above the resistance level 111.14 and a correction to it to buy USD; Or, another correction to the supportive zone 110.39-110.33 to buy USD. I can only recommend short position below 110.39-110.33.

Trade recommendation

Remain long with your take profit at 111.14.

Imelda Maseno
Analyst of «FreshForex» company
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