Remain long towards 109.36 | 19 Maret 2021

19 Maret 2021, USD/JPY

Remain long towards 109.36

Technical observation

USD rose then retraced to a supportive zone it established at 108.88-108.82, price was rejected within the same zone and is currently trading with an increasing bullish bias. I expect this upwards movement to continue to the resistance line 109.36 followed by either a clear breakout above it with a big green candle, or a rejection at it. In case you bought USD within the zone mentioned above after a bounce, remain long with your take profit at 109.36 and stop loss at 108.61. Should there be a breakout below the zone 108.88-108.82 with a big red candle, I expect the value of this pair to plummet to the lower side towards 108.33.

Trade recommendation

Remain long with your take profit at 109.36.

Imelda Maseno
Analyst of «FreshForex» company
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