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Wait | 27 December 2021

27 December 2021, USD/JPY

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Technical observation

Last week USD retraced with a big green candle but could not break above the zone 114.72-112.49, this week I expect a further rally to the upper side and a possible breakout above it with a big green candle. If price does not break above the zone 114.72-112.49 but instead it bounces within it, you can short this pair but don’t remain in the trade for a long time. However, in case of a clear breakout above the zone I have mentioned above with a big green candle, wait for a correction and a bounce within the it then buy USD with your take profit at 123.23 and stop loss at 112.16. Right now remaining neutral is ideal than picking any positions.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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