28 Enero 2022, USD/JPY
Technical observation
The pair on the hourly chart above broke above the zone 114.54-114.50 with a big green candle then retraced to it before rising steadily up to the resistance line 115.45. This pair however could not break above the line 115.45 and currently it is trading slightly below the same level with an increasing bullish bias. I expect a loss of this upwards movement followed by a surge to zone mentioned above and rejection within it to buy USD with my take profit at 115.45 and stop loss at 114.20. In case of a clear breakout above 115.45 with a big green candle, I expect the value of this pair to ascend further towards the level 116.29.
Trade recommendation
Remain flat.
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