Wait for a correction to buy USD | 17 Maret 2021

17 Maret 2021, USD/JPY

Wait for a correction to buy USD

Technical observation

USD is trading with an increasing bullish bias below a resistance level 109.58, however, I expect a correction to the supportive zone 106.94-106.66 followed by a bounce at it to pick long positions. My advice, remain flat and wait for a correction to the zone mentioned above to buy USD with your take profit at 109.58 and stop loss at 105.83. In case of a clear breakout above the level 109.58 with a big green candle, wait for a correction to it and a bounce confirming a further surge to the upper side before you continue long towards the upper resistance level 112.12. I can only recommend long positions for this pair.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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