Wait for a pullback to buy USD | 12 October 2021

12 October 2021, USD/JPY

Wait for a pullback to buy USD

Technical observation

On the 4 hour chart above, price penetrated above a resistance zone 112.00-111.93 with a big green candle then rose steadily up to a resistance level 113.44 but could not break above it. It bounced at the line and is currently trading with an increasing bearish bias. This bearish movement is a retracement to the zone I have mentioned above and I expect price to descend to it followed by a bounce within it to pick long positions with my take profit at 113.44 and stop loss at 111.57.You can expect further movements of this pair to the upper side in case of a clear breakout above the resistance level 113.44 with a big green candle.

Trade recommendation

Wait for a correction to the zone 112.00-111.93 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
ปูมบันทึกอยู่ใน
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .