23 November 2021, USD/JPY
Technical observation
USD is trading with an increasing bearish bias below the resistance level 114.96, this downwards movement is a correction to the supportive level this pair established at 114.46. I expect a further surge to the level 114.46 followed by a rejection at it to buy USD with my take profit at 114.96 and stop loss at 114.22.In case of a clear breakout above the level 114.96 with a big green candle, I expect a further rally to the upper side, however, if price breaks below the supportive level 114.46, my expectation is a retracement to the broken line and a bounce at it followed by bearish movements to the supportive zone 113.78-113.74.
Trade recommendation
Wait for a correction to the level 114.46 to buy USD.
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