We're neutral | 28 June 2021

28 June 2021, USD/JPY

We're neutral

Technical observation

On the weekly chart above price broke above a resistance trend line as indicated above with a big green candle, right now it is trading with an increasing bearish bias and this downwards movement is a correction to the just broken line. My expectation is a loss of this bearish movement at the line followed by a rally to the upper side. My advice, remain neutral temporarily and pick long positions at 110.35 with your take profit at 114.04 and stop loss at 107.82. Should there be a clear breakout above the level 114.04 with a big green candle, I expect further bullish movements of price to the upper resistance level 123.67.

Trade recommendation

Remain neutral temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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