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Expecting a surge to 114.59

Expecting a surge to 114.59 | 24 February 2022

24 February 2022, USD/JPY

Expecting a surge to 114.59

Technical observation

USD retraced to the resistance zone it established at 115.27-115.23 but could not break above it, instead, it was rejected below the zone and since then the price has been trading with an increasing bearish bias. I expect a decline in price towards the supportive level 114.59 followed by either a clear breakout below it with a big red candle or a rejection at it followed by another correction to the zone I have mentioned above. If you are currently holding short positions with the pair above, remain in the trade with your take profit at 114.59 and stop-loss at 115.46. I can only recommend bullish positions above zone 115.27-115.23.

Trade recommendation

Remain short with your take profit at 114.59.

Imelda Maseno
Analyst of «FreshForex» company
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