Wait | 11 October 2021
11 October 2021, USD/JPY
Technical observation
USD has been trading with an increasing bullish bias for several weeks now and this week I still expect further bullish movements to the resistance level 114.08 followed by either a clear break above it with a big green candle, or a bounce at it followed by a correction to the supportive zone 107.84-107.46. In case of a clear breakout above the level 114.08 with a big green candle, wait for a correction to the just broken line and buy a bounce at it with your take profit at 121.53, and if there is a correction to the zone I have mentioned above, buy a bounce within it with your take profit at 114.08. I can only recommend short positions below the zone 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.
