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Wait for a pullback to the zone 125.12-124.89

Wait for a pullback to the zone 125.12-124.89 | 21 Abril 2022

21 Abril 2022, USD/JPY

Wait for a pullback to the zone 125.12-124.89

Technical observation

USD has been trading with an increasing bullish bias for several days now and it could rise even further. Recently the value of the pair above rose up to a level 129.28 and it got a resistance at it before it declined for some time. My expectation is a further surge to the supportive zone 125.12-124.89 followed by a rejection within it to pick long positions with my take profit at 129.28. In case of a clear breakout below the zone mentioned above with a big red candle, you can anticipate a possible momentum to the lower side after a correction to the broken zone. Further bullish movements can only be anticipated above the level 129.28.

Trade recommendation

Wait for a pullback to the zone 125.12-124.89 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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