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Wait for a correction to the zone 113.79-113.74

Wait for a correction to the zone 113.79-113.74 | 06 December 2021

06 December 2021, USD/JPY

Technical observation

USD declined to the supportive level 112.60 but could not break below it; price bounced at the level and is currently trading with an increasing bullish bias. I expect a continuation of this upwards movement to the resistance zone 113.79-113.74 followed by a rejection within it to pick short positions with my take profit at 112.60 and stop loss at 114.21. In case of a clear breakout below the level 112.60 with a big red candle, I expect a further momentum to the lower side; on the other hand, in case of a clear breakout above the zone 113.79-113.74, I expect bullish movements of price towards the upper resistance level 114.73.

Trade recommendation

Wait for a correction to the zone 113.79-113.74 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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