12 February 2020, USD/JPY
Technical observation
USD is trading with an increasing bullish momentum above a zone it penetrated above 109.74-109.62 and as long as it is contained above this zone, I expect further bullish movements towards the key level 111.00. If you picked long positions within the above-mentioned zone after a retracement and a rejection within it, hold on to that position with your take profit at 111.00 and stop loss at 108.96. Further bullish movements of this pair towards the highest resistance line 112.37 can be anticipated in case of a clear break above the line 111.00 followed by a correction and a bounce at it.
Trade recommendation
Remain long with your take profit at 111.00.
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