Remain long and pick your profits at 114.08 | 15 October 2021
15 October 2021, USD/JPY
Technical observation
USD is trading with an increasing bullish bias below the resistance level 114.08; my expectation is either a clear breakout above the level with a big green candle, or a rejection of price at the level 114.08 followed by a retracement to the supportive zone 107.84-107.46. My advice, if you are currently long with this pair, you can pick your profits now at 114.08. In case there is a clear breakout above the level 114.08 with a big green candle, wait for a correction to the broken line and pick long positions at it with your take profit at 121.53. However, in case of a bounce the level 114.08, wait for another retracement to the supportive zone 107.84-107.46 to buy USD.
Trade recommendation
Remain long and pick your profits 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.
