FX.co - USD/JPY analysis for October 21 2021 - Breakout of falling wedge and potential for bigger rally

2021-10-21T11:42:49

Relevance until2021-10-22

Technical analysis:

USD/JPY analysis for October 21 2021 - Breakout of falling wedge and potential for bigger rally

USD/CAD has been trading upside today and there is potential for bigger rally.

Trading recommendation:

Due to the downside exhaustion on the larger time-frames, I see potential for the rally in the next period.

Watch for buying opportunities on thee dips with due to breakout of the falling wedge.

Upside targets are set at the price of 1,2370 and 1,2405

Stochastic is showing bullish divergence and confirmation for further rally...

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ USD/JPY analysis for October 21 2021 - Breakout of falling wedge and potential for bigger rally