We're bullish towards 114.08. | 13 Oktober 2021

13 Oktober 2021, USD/JPY

We're bullish towards 114.08.

Technical observation

USD is rising steadily towards the resistance level 114.08, I expect a this upwards movement to continue to the same level followed by either a clear breakout above it with a big green candle, or a rejection at it followed by another correction to the supportive zone 107.84-107.46. If you are currently long with this pair, remain in the trade and pick your profits at 114.08. However, if you are neutral with this pair, wait for either a breakout above the level 114.08 and a correction to it to buy USD with your take profit at 121.53 and stop loss at 112.15,or another retracement to the zone I have mentioned above and buy a bounce within it.

Trade recommendation

Remain long with your take profit at 114.08.

Imelda Maseno
Analyst of «FreshForex» company
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