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expecting a rally towards 112.73

expecting a rally towards 112.73 | 20 December 2021

20 December 2021, USD/JPY

expecting a rally towards 112.73

Technical observation

USD retraced to the resistance zone 113.84-113.75 and price bounced below the zone, right now it is trading with an increasing bearish bias and I expect a further momentum to the level 112.73 followed by a clear breakout below it. If you sold this pair within the zone I have mentioned above, remain in the trade with your take profit at 112.73 and stop loss at 114.26. In case of a breakout below the level 112.73 with a big red candle, I expect the value of this pair to plummet further to the supportive level 110.81 or even further to the lowest level 109.13. I can only recommend bullish positions above the zone 113.84-113.75.

Trade recommendation

Remain short with your take profit at 112.73.

Imelda Maseno
Analyst of «FreshForex» company
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