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We are bullish towards 123.23

We are bullish towards 123.23 | 11 March 2022

11 March 2022, USD/JPY

Technical observation

On the weekly chart above price has been trading with an increasing bullish bias as I had predicted, I expect a continuation of this upwards movement to the resistance level 123.23 followed by either a clear break above it with a big green candle, or a bounce at it followed by a correction to the supportive zone 114.15-113.67. If you bought USD within the zone I have mentioned above and you are currently holding long position, my advice is, you remain in the trade with your take profit at 123.23 and stop loss at 112.07. I expect price to ascend further in case of a breakout above the level 123.23. I can only recommend bearish positions below the zone 114.15-113.67.

Trade recommendation

Remain long with your take profit at 123.23.

Imelda Maseno
Analyst of «FreshForex» company
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