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Looking to buy within 121.80-121.39

Looking to buy within 121.80-121.39 | 18 April 2022

18 April 2022, USD/JPY

Looking to buy within 121.80-121.39

Technical observation

USD has been rising steadily for some time and currently it is trading below the resistance level 126.62, I expect a loss of this upwards movement at the same line followed by a retracement to the supportive zone 121.80-121.39 and a bounce within it to pick long positions with my take profit at 126.62 and stop loss at 119.42. In case of a clear break above the level 126.62, I expect a further surge to the upper side, however if price breaks below the zone mentioned above with a big red candle, I anticipate a possible surge towards the level 113.05, or even lower towards the supportive level 107.61.

Trade recommendation

Wait for a correction to the zone 121.80-121.39 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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