29 December 2021, USD/JPY
Technical observation
On the chart above, USD rose above the resistance zone 114.29-113.96 and this week i expect price it to continue upwards and close bullish. However, despite this movement to the upper side, I expect a correction to the just broken zone followed by a rejection within it to buy USD with my take profit at 123.23 and stop loss at 112.15. On the weekly chart above, as long as price is sustained above the zone mentioned above, I expect nothing but a surge to the upper side .Bearish movements can only be anticipated in case USD is not sustained above the zone 114.29-113.96 but instead it breaks below it again with a big red candle.
Trade recommendation
Remain neutral.
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