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Wait for a correction to the zone 113.87-113.83

Wait for a correction to the zone 113.87-113.83 | 16 December 2021

16 December 2021, USD/JPY

Wait for a correction to the zone 113.87-113.83

Technical observation

USD rose and broke above the resistance zone 113.87-113.83 with a big green candle and it is still trading with an increasing bullish bias however, I expect a loss of this upwards movement followed by a correction to the just broken zone. My advice, remain flat and wait for a retracement to the zone 113.87-113.83 then buy a bounce within it with your take profit at 114.73 and stop loss at 113.62. As long as USD is sustained above the zone i have mentioned above, I expect price to ascend further towards the resistance level 115.51. However, if it does break below the same zone, wait for a correction to it and a rejection within the zone confirming bearish movements of price before you sell USD.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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