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Expecting a surge to 112.73

Expecting a surge to 112.73 | 23 February 2022

23 February 2022, USD/JPY

Expecting a surge to 112.73

Technical observation

USD retraced to the resistance zone it established at 115.67-115.41 but it could not break above it, instead price bounced within the zone and since then it has been trading with an increasing bearish bias. I expect a continuation of this downwards movement to the supportive level 112.73 followed by either a clear breakout below it with a big red candle or a bounce at it followed by another retracement to the zone mentioned above. My advice, if you are currently holding short positions with this pair remain in the trade with your take profit at 112.73 and stop loss at 116.34. In case of a break below 112.73, I expect price to plummet towards 209.23-109.05.

Trade recommendation

Remain short with your take profit at 112.73

Imelda Maseno
Analyst of «FreshForex» company
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