08 March 2022, USD/JPY
Technical observation
On the weekly chart above price has been trading with an increasing bullish bias as I had predicted last week. As long as USD is contained above the zone 114.15-113.67, I expect a continuation of this upwards movement to the resistance line 123.23 followed a possible penetration above it a big green candle or a rejection at it followed by another correction to the zone I have mentioned above. If you are currently holding bullish positions with the pair above, remain in the trade with your take profit at 123.23 and stop loss at 112.10. On the chart above bearish positions can only be recommended in case of a clear break below the zone 114.15-113.67.
Trade recommendation
Remain long with your take profit at 123.23.
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