We're bullish towards 114.08. | 13 October 2021
13 October 2021, USD/JPY
Technical observation
USD is rising steadily towards the resistance level 114.08, I expect a this upwards movement to continue to the same level followed by either a clear breakout above it with a big green candle, or a rejection at it followed by another correction to the supportive zone 107.84-107.46. If you are currently long with this pair, remain in the trade and pick your profits at 114.08. However, if you are neutral with this pair, wait for either a breakout above the level 114.08 and a correction to it to buy USD with your take profit at 121.53 and stop loss at 112.15,or another retracement to the zone I have mentioned above and buy a bounce within it.
Trade recommendation
Remain long with your take profit at 114.08.
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.
