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Wait for a correction to 115.26-115.23

Wait for a correction to 115.26-115.23 | 02 March 2022

02 March 2022, USD/JPY

Wait for a correction to 115.26-115.23

Technical observation

USD rose above the zone 115.26-115.23 but it could not be sustained above the zone for long, instead, price declined below same the zone with a big red candle then pulled back to it and since then the value of this pair has been trading with an increasing bearish bias. In case this bearish movement continues to the supportive level 114.41, I expect a rejection of price at it followed by a pullback to the zone 115.26-115.23 and a bounce within it to pick short positions with my take profit at 114.41 and stop-loss at 115.48. In case of a clear break below the level 114.41 with a big red candle, continue short after a retracement to the broken line.

Trade recommendation

Wait for a correction to the zone 115.26-115.23 to sell USD.

Imelda Maseno
Analyst of «FreshForex» company
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