Wait | 04 October 2021
04 October 2021, USD/JPY
Technical observation
USD is still trading with an increasing bullish bias between a supportive zone 107.84-107.46 and a resistance level 114.08, in case this upwards movement continue to the level 114.08, I expect either a clear breakout above with a big green candle, or a rejection at it followed by another correction to the supportive zone 107.84-107.46. Right now, remaining neutral with this pair is ideal than picking any positions. My advice, remain neutral and wait for a either a clear break above the level 114.08 and a retracement to it to buy USD or a correction to the zone I have mentioned to buy this pair. I can only recommend short positions below 107.84-107.46.
Trade recommendation
Remain flat.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
