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We are neutral

We are neutral | 19 April 2022

19 April 2022, USD/JPY

Technical observation

Last week USD rose above the resistance level 125.60 and closed above the same level, this week price opened bullish and it is still showing signs of plummeting higher. My expectation is a further momentum to the upper side however; I would recommend that you wait for a second correction to the just broken line before picking long positions. On the weekly chart above, in case price is not sustained below the level 125.60 but clearly breaks below it with a big red candle; you can wait for a correction to the supportive zone 113.73-114.33, and then buy a bounce within it with your take profit at 125.60 and stop-loss at 110.92.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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