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Looking to buy within 112.73-112.53

Looking to buy within 112.73-112.53 | 26 January 2022

26 January 2022, USD/JPY

Looking to buy within 112.73-112.53

Technical observation

USD is trading with an increasing bearish bias slightly above the supportive zone 112.73-112.53, I expect a continuation of this bearish movement to the zone mentioned above followed by a rejection within it to buy USD with my take profit at 115.43 and stop loss at 110.90. In case the value of this pair is not sustained above the zone 112.73-112.53 but clearly breaks below it with a big red candle, I expect price to surge towards the supportive level 109.05. On your way downwards the levels to look for include 109.05, 105.73 and the lower supportive level 102.25. Right now I would advise you remain neutral with this pair.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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