Wait for a correction to buy USD | 25 February 2022
25 February 2022, USD/JPY
Technical observation
Yesterday, USD declined as I had predicted and even hit our take profit, it then declined for some time and bounced at the level 114.43. Since it bounced at the level 114.41, the price has been trading with an increasing bullish bias and even broke above the zone 115.27-115.23. Right now it is showing signs of correction to the just broken zone and I expect a bounce within it to pick long positions with my take profit at 115.82 and stop-loss at 114.99. As long as the price is sustained above the zone I have mentioned above I can only recommend bullish positions for this pair. Remain long after a break above the level 115.82.
Trade recommendation
Wait for a correction to the zone 115.27-115.23 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.
