Wait for a correction to buy USD | 20 September 2021

20 September 2021, USD/JPY

Wait for a correction to buy USD

Technical observation

On the chart above, there was a false breakout below the supportive zone 109.58-108.54 with a big red candle, however, price was not contained below the zone and instead it broke above the same zone with a big green candle then rose steadily for some time. Right now USD is trading with an increasing bearish bias between the supportive zone I have mentioned above and a resistance level 110.36; I expect a continuation of this bearish movement to the same zone followed by a rejection within it to buy USD with my take profit at 110.36 and stop loss at 109.39. I can only recommend short positions below the zone 109.58-108.54.

Trade recommendation

Wait for a correction to the zone 109.58-108.54 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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