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Wait | 22 March 2022

22 March 2022, USD/JPY

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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.

Imelda Maseno
Analyst of «FreshForex» company
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