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.


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.
Imelda Maseno
Analyst of «FreshForex» company
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