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Wait | 07 January 2022

07 January 2022, USD/JPY

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Technical observation

For the past two consecutive weeks USD has been trading with an increasing bullish bias and even broke above a resistance zone 114.81-114.34 with a big green candle, as long as this pair remains above the just broken zone I expect nothing a further surge to the upper side. Right now I would advise that you wait for a retracement to the zone 114.81-114.43 then buy a bounce within it with your take profit at 123.23 and stop loss at 112.15. If price breaks above the level 123.23 with a big green candle, I expect it to ascend further towards 129.27. On the chart above, I can only recommend short positions below 114.81-114.43

Trade recommendation

Wait for a correction to the zone 114.81-114.34 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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