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Wait for a correction to the zone 115.09-115.03

Wait for a correction to the zone 115.09-115.03 | 13 January 2022

13 January 2022, USD/JPY

Wait for a correction to the zone 115.09-115.03

Technical observation

On the 4 hour chart above, price declined below the zone it established at 115.09-115.03 with a big red candle and as long as it is contained below this zone, I expect nothing but further bearish movements of price. My advice, remain flat and wait for a pullback to the just broken zone the sell a bounce within it with your take profit at the level 113.87 and stop loss at 115.48. Should there be a clear breakout below the lower supportive zone 113.87-113.79 with a big red candle, I expect the value of this pair to plummet further towards the lower level marked at 112.52 after a retracement and a bounce within the zone 113.87-113.79.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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