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Wait for a correction to the zone 114.81-114.34 to buy USD

Wait for a correction to the zone 114.81-114.34 to buy USD | 05 January 2022

05 January 2022, USD/JPY

Technical observation

On the chart above, price pulled intensely to the upper side and broke above the resistance zone 114.81-114.34 with a big green candle. While the value of USD remains above the zone I mentioned earlier, I expect nothing but a momentum to the upper side; however, despite the anticipated bullish movement of price, I still expect a pull back to the just broken zone followed by a rejection within it to pick long positions with my take profit at 123.23 and stop loss at 112.50. In case there is a clear penetration above the key level 123.23 with a big green candle, you can expect further momentum to the upper side after a retracement to the broken line.

Trade recommendation

Wait for a correction to the zone 14.81-114.34 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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