15 September 2021, USD/JPY
Technical observation
USD retraced to the supportive zone 109.62-109.58 but could not break below it; price was sustained above this zone and has rallying upwards since then. My expectation is a further surge to the upper side to the resistance level marked at 110.79 followed by a clear breakout above it with a big green candle. If you bought USD within the supportive zone 109.62-109.58 after a bounce, remain long with your take profit at 110.79 and stop loss at 109.37. If this take profit is hit and there is a clear breakout above it with a big green candle, I anticipate a further momentum to the upper side. I can only recommend short positions below the zone 109.62-109.58.
Trade recommendation
Remain long with your take profit at 110.79.
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