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Wait | 28 February 2022

28 February 2022, USD/JPY

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Technical observation

USD is trading with an increasing bearish bias above the supportive zone it established at 115.27-115.23. I expect a continuation of this downwards movement to the zone I have mentioned above followed by a rejection within it to pick long positions with my take profit at 115.82 and stop-loss at 115.03. In the case of a clear penetration above the key level 115.82 with a big green candle, I expect a further surge in price towards the upper resistance level marked at 116.33. On the hourly chart above, as long as the price is sustained above the supportive zone 115.27-115.23, I can only recommend bullish positions for this pair.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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