Expect a momentum towards 110.75 | 16 August 2021

16 August 2021, USD/JPY

Expect a momentum towards 110.75

Technical observation

USD retraced to the supportive zone 109.64-109.59 but could not break below it, price bounced within the zone and is currently trading with an increasing bullish bias. I expect this upwards movement to continue to the level 110.75 followed by a clear breakout above it with a big green candle. If you bought this pair within the zone I have mentioned above after a bounce, remain long with your take profit at 110.75 and stop loss at 109.31. If price does not rise and instead penetrate below the zone 109.64-109.59 with a big red candle, wait for a pullback to the just broken zone and short this pair within it towards the level 108.42.

Trade recommendation

Remain bullish with your take profit at 110.75.

Imelda Maseno
Analyst of «FreshForex» company
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