18 February 2022, USD/JPY
Technical observation
On the daily chart above price broke above the resistance zone 115.59-115.41 but it could not stay above it, instead it declined below the same zone then retraced back to it and this time it was sustained below the zone. Currently price is trading with an increasing bearish bias below the zone I mentioned above and I expect a continuation of this downwards movement to the supportive level 112.73. If you picked short positions within the zone 115.59-115.41 remain in the trade with your take profit at 112.73 and stop loss at 116.45. A further surge to the lower side can be expected in case of a clear break below the level 112.73.
Trade recommendation
Remain short with your take profit at 112.73.
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