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Looking to buy within 107.84-107.46

Looking to buy within 107.84-107.46 | 17 September 2021

17 September 2021, USD/JPY

Looking to buy within 107.84-107.46

Technical observation

On the weekly chart above USD is trading with an increasing bearish bias above the supportive zone 107.84-107.46 and unless there is a clear breakout below this zone with a big red candle, I expect a momentum to the upper side. As it is on the chart above, I recommend remaining flat and looking for a buy position within the zone I mentioned above with your first take profit at 114.08 and the next at 121.53 with your stop loss at 106.16. If price should break below the supportive zone 107.84-107.46 with a big red candle, I suggest waiting for a pullback to the just broken zone to short USD towards the supportive level 102.44.

Trade recommendation

Wait for a correction to the zone 107.84-107.46 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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