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We are neutral

We are neutral | 22 February 2022

22 February 2022, USD/JPY

We are neutral

Technical observation

On the weekly chart above price is retracing to the supportive zone it established at 114.15-113.63 for the second time and I expect a rejection of it within the same zone to pick long positions with my take profit at 123.23 and stop loss at 112.10. On the chart above as long as the value of USD is sustained above the zone I have mentioned above, I can only recommend bullish positions, however, in case of a clear breakout below the same zone with a big red candle, I anticipate a surge towards the supportive level 104.44 after a correction and bounce within the broken zone. Right now remaining neutral is ideal than picking any positions.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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