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Wait for a correction to the zone 114.72-114.29

Wait for a correction to the zone 114.72-114.29 | 03 January 2022

03 January 2022, USD/JPY

Wait for a correction to the zone 114.72-114.29

Technical observation

Last week, USD broke above the zone 114.72-114.29 with a big green candle and this week’s candle has also opened bullish. I expect it to continue upwards throughout the week, however price can still loose the momentum to the upper side and retrace to the zone mentioned above. My advice, wait for a correction to the zone 114.72-114.29 then buy a bounce within it with your take profit at 123.23 and stop loss at 112.53. In case price is not sustained above the zone 114.72-114.29 but instead breaks below it with a big red candle, I expect bearish movements after a correction to the broken zone.

Trade recommendation

Wait for a correction to the zone 114.72-114.29 to buy USD

Imelda Maseno
Analyst of «FreshForex» company
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