21 February 2022, USD/JPY
Technical observation
On the 4 hour chart above price is trading with an increasing bearish bias above the supportive zone it established at 114.87-114.78, this downwards movement is a correction to the same zone and I expect a rejection of price within it to pick long positions with my take profit at 116.26 and stop loss at 114.36. In case of a clear breakout above the level 116.26 with a big green candle, I expect a further rise in price after a correction to broken line, however should there be a clear breakout below the zone 114.87-114.78 with a big red candle, I expect a momentum to the lower side after a retracement to the just broken zone.
Trade recommendation
Wait for a correction to the zone 114.87-114.78 to buy USD.
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