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Wait | 14 March 2022

14 March 2022, USD/JPY

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Technical observation

On the 4 hour chart above, price ascended as I had predicted and broke above the resistance level 116.96; I expect a correction to the just broken line followed by a bounce at it to pick long positions towards 117.75. In case price is not sustained above the level 116.96 but clearly breaks below it with a big red candle, I anticipate a correction to the supportive zone 115.78-115.72 and bounce within it to re-buy USD with my take profit at 116.96 and stop loss at 115.29. However, should there be a clear breakout below the zone 115.78-115.72 with a big red candle; I expect the value of this pair to plummet further towards 114.64.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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