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Expecting a surge to 124.71

Expecting a surge to 124.71 | 05 April 2022

05 April 2022, USD/JPY

Expecting a surge to 124.71

Technical observation

Since it bounced above the zone 121.61-121.39, USD has been trading with an increasing bullish bias and I expect this upwards movement to continue up to the resistance level 124.71. If you bought USD within the zone mentioned above after a bounce, remain in the trade with your take profit at 124.71 and stop-loss at 120.38. In case of a clear breakout above the level 124.71 with a big green candle, I anticipate a further surge to the upper side; on the other hand in case of a clear breakout below the zone 121.61-121.39 with a big red candle, I expect the value of this pair to plummet towards the supportive level 118.42.

Trade recommendation

Remain long with your take profit at 124.71.

Imelda Maseno
Analyst of «FreshForex» company
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