03 February 2022, USD/JPY
Technical observation
For several days now, the pair on the daily chart above has been trading with an increasing bias, this downwards movement is a correction to the supportive level 112.73 and I expect it to continue to the same line followed by a bounce at it to pick long positions. However, in case price does not bounce above the line 112.73 but instead breaks below it with a big red candle, you can expect a further surge to the lower side after a pullback to the broken line. On your way downwards the key levels to look for include, the supportive zone 109.20-109.00 and the lower support level 104.56. Right now I would recommend that you remain flat.
Trade recommendation
Remain flat.
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