23 Marzo 2022, USD/JPY
Technical observation
For the past two consecutive weeks USD rose steadily and since the beginning of this week it has been trading with an increasing bullish bias. I expect a further momentum to the resistance level 123.23 followed by either a bounce at it or a clear breakout above it with a big green candle. If you are currently holding bullish positions with the pair above, remain long with your take profit at 123.23 and stop-loss 111.66. In case of a clear breakout above the level 123.23 wait for a correction and a bounce at it before you continue long towards 129.27. However, if price is rejected at the same line, wait for a pull back to the zone 114.15-113.67 to re-buy USD.
Trade recommendation
Remain long with your take profit at 123.23.
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