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Looking to buy within 115.26-115.23

Looking to buy within 115.26-115.23 | 03 March 2022

03 March 2022, USD/JPY

Looking to buy within 115.26-115.23

Technical observation

Yesterday USD did not decline as I anticipated; instead it ascended with an increasing bullish momentum and even broke above the resistance zone 115.26-115.23. For some time price has been trading with an increasing bearish bias and I expect a continuation of this downwards movement to the zone mentioned above followed by a bounce within it to pick long positions with my take profit at 115.82 and stop-loss at 115.08. As long as the value of the pair above is sustained above the zone 115.26-115.23 only bullish positions look ideal and can be recommended. Remain long after breakout above the level 115.82.

Trade recommendation

Wait for a correction to the zone 115.26-115.23 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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