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We are neutral

We are neutral | 04 April 2022

04 April 2022, USD/JPY

Technical observation

Last week USD rose up to the resistance level 123.23 as anticipated but could not break above it, instead it bounced at the level and this week I predict possible bearish movements of price. The expected momentum to the lower side is a correction to the supportive zone this pair established at 114.15-113.67 and I expect a rejection of price within it to re-buy USD with my take profit at 123.23 and stop-loss at 111.08. In case of a clear breakout above the level 123.23 with a big green candle I expect the value of this pair to ascend further, however, should there be a break below the zone 114.15-113.67, I expect a surge to the lower side.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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