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Wait for a correction to buy USD

Wait for a correction to buy USD | 14 January 2022

14 January 2022, USD/JPY

Wait for a correction to buy USD

Technical observation

Last week USD rose above the zone 114.43-113.91 with a big green candle and this week, the value of this pair has been trading with an increasing bearish bias. This bearish movement is a retracement to the just broken zone and my expectation is a bounce within the zone followed by a surge to the upper side. I would advise that you remain flat and wait for a retracement to the zone 114.43-13.91 then buy a bounce within it with your take profit at 123.23 and stop loss at 112.13. If price rises steadily and clearly penetrates above the resistance level 123.23 with a big green candle, I expect the value of this pair to ascend to 125.62.

Trade recommendation

Wait for a correction to the zone 114.43-113.91 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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