14 February 2022, USD/JPY
Technical observation
Last week price rallied to the upper side as I had predicted and this week I expect a continuation of this upwards movement. If you picked short positions within the supportive zone 114.15-113.67 after a bounce, remain long with your take profit at 123.23 and stop loss at 116.67, and in case of a clear penetration above the level 123.23 with a big green candle, I expect the value of this pair to continue further upwards after a correction to the broken line, However, in case price is not sustained above the zone mentioned above but clearly breaks below it with a big red candle, I expect a momentum towards the supportive level 104.44.
Trade recommendation
Remain long with your take profit at 123.23.
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