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Looking to sell within 109.62-109.58

Looking to sell within 109.62-109.58 | 16 September 2021

16 September 2021, USD/JPY

Technical observation

On the chart above, price did not rise to the upper side as I had previously predicted, instead it declined to the supportive zone 109.62-109.58 but could not be sustained above it. USD broke below the same zone with a big red candle then rallied downwards for some time. Right now it is trading with an increasing bearish bias below the broken zone and I expect a loss of this bearish movement followed by a correction to the zone mentioned above and bounce within it to pick short positions. My advice, wait for a correction to the resistance zone 109.62-109.58 and short USD within it with your take profit at 109.75 and stop loss at 109.81.

Trade recommendation

Wait for a correction to the zone 109.62-109.58 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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