01 March 2022, USD/JPY
Technical observation
Last week USD rose as I had anticipated however, since the beginning of this week, price has been trading with an increasing bearish bias. This downwards movement is a retracement to the supportive zone 114.15-113.67 and in case of USD declines to the zone, I expect a bounce within it followed by a surge to the upper side. If you are currently neutral with the pair above, remain so and pick long positions within the zone I have mentioned above with your take profit at 123.23 and stop-loss at 112.22. In case of a breach above level 123.23 with a big green candle, I expect price to rally further upwards after it retraces to the broken line.
Trade recommendation
Remain neutral.
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