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Expecting a rally to 123.23.

Expecting a rally to 123.23. | 17 March 2022

17 March 2022, USD/JPY

Expecting a rally to 123.23.

Technical observation

Last week USD rose with a big green candle and this week it is still showing signs of rising even further, if you are currently long with this pair, remain bullish with your take profit at 123.23 and stop-loss at 112.15. In case you are neutral with the pair above, wait for either another correction to the supportive zone 114.15-113.67 then pick long positions within it, or, a clear break above the level 123.23 then buy USD at it after a retracement to the broken line. As long as price is contained above the zone 114.15-113.67 I can only recommend bullish positions for the pair above. On the chart above bearish movements can only be expected in case of a break 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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