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Pick long positions within 115.07-115.00

Pick long positions within 115.07-115.00 | 12 January 2022

12 January 2022, USD/JPY

Pick long positions within 115.07-115.00

Technical observation

USD is trading with an increasing bearish bias slightly above the supportive zone it established at 115.07-115.00, I expect a continuation of this downwards movement to the same zone followed by a bounce within it to pick long positions with my take profit around 115.60 or higher at 116.34 and my stop loss at 114.59. In case this pair is not sustained above the zone but clearly penetrates below it with a big red candle, I expect price to plummet to the supportive level 113.87 after a correction to the broken zone. Right now as long as USD remains above the zone mentioned above, I can only recommend bullish positions.

Trade recommendation

Buy USD within 115.07-115.00 with your take profit at 115.60.

Imelda Maseno
Analyst of «FreshForex» company
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