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Expecting a rally to 131.24

Expecting a rally to 131.24 | 02 May 2022

02 May 2022, USD/JPY

Expecting a rally to 131.24

Technical observation

On the hourly chart above price retraced to a supportive level it established at 129.31 but could not break below it, instead it bounced at the same line and for time it has been trading with an increasing bullish momentum. I expect a continuation of this upwards movement to the level 131.24 followed by either a clear breakout above it with a big green candle, or a rejection at it followed by another correction to the level 129.31. If you are currently holding short positions with the pair above, remain in the trade with your take profit at 131.24 and stop-loss at 128.66. I can only recommend short positions below the level 129.31.

Trade recommendation

Remain long with your take profit at 131.24.

Imelda Maseno
Analyst of «FreshForex» company
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