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Wait | 25 January 2022

25 January 2022, USD/JPY

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Technical observation

Last week USD did not ascend towards the resistance level 123.23 as I had predicted, instead it declined and broke below the zone 114.81-114.34 with a big red candle and as long as it is sustained below this zone, I expect price to plummet towards the supportive level 104.44. My advice, remain flat and wait for a correction to the zone mentioned above then sell USD within it after a bounce with your take profit at the level 104.44 and stop loss at 117.53. If price declines to the line 104.44 and clearly breaks below it with a big red candle, further bearish movements can be expected after a correction and bounce at the same line.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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