22 March 2022, USD/JPY
Technical observation
On the chart above price rose above the key level 116.33 with a big green candle then ascended up to the resistance line 119.47. I expect a correction to the level 116.33 followed by a rejection at it to buy USD with my take profit at 119.47 and stop loss at 115.23. I case of a clear break above the line 119.47 with a big green candle, I expect a further momentum to the upper side, however, in case of a break below the supportive level 116.33 with a big red candle, I anticipate a pullback to the broken line and a rejection at it followed by a surge to the lower side. Right now as it is on the chart above, remaining neutral is ideal than picking any positions.
Trade recommendation
Remain flat.
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