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Expecting a rally to 131.21.

Expecting a rally to 131.21. | 23 May 2022

23 May 2022, USD/JPY

Expecting a rally to 131.21.

Technical observation

Last week USD bounced above the supportive zone 127.50-127.17 before rallying to the upper side. Today I expect a continuation of this upwards movement towards the resistance level 131.21 followed by either a clear penetration above it with a big green candle, or a bounce at it followed by another correction to the zone mentioned above. If you are currently holding bullish positions with the pair above, remain in the trade with your take profit at 131.21 and stop-loss at 125.22. If USD not sustained above the zone 127.50-127.17 but clearly breaks below it, I expect bearish movements of price to the level 121.55 after a correction to the broken zone.

Trade recommendation

Remain long with your take profit at 131.21.

Imelda Maseno
Analyst of «FreshForex» company
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