we are neutral | 24 December 2021
24 December 2021, USD/JPY
Technical observation
On the 4 hour chart above, price broke above the zone 113.84-113.75 with a big green candle and since then it has been rising steadily towards the resistance level 114.75. I expect a loss of this upwards movement at the same level followed by a correction to the above mentioned zone and a rejection within it to buy USD with my take profit at 114.75 and stop loss at 113.31. Should there be a clear penetration above the level 114.75 with a big green candle; further bullish movement towards the upper resistance level 115.51 can be anticipated. I can only recommend short positions below the zone 113.84-113.75.
Trade recommendation
Remain flat.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
