Wait | 27 September 2021

27 September 2021, USD/JPY

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Technical observation

On the 4 hour chart above, price broke above a zone 109.58-105.54 then rose rapidly up to the resistance level 110.79 but it could not break above it. Right now the pair above is trading with an increasing bearish bias and I expect a continuation of this downwards movement to the zone I mentioned above followed by a rejection within it to pick long positions. In case there is a clear break above the key level 110.79 with a big green candle, wait for a pullback to it and a bounce confirming further bullish movements of USD before you continue long with this pair towards the upper resistance level 111.64.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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