Remain neutral | 09 March 2022
09 March 2022, USD/JPY
Technical observation
USD rose steadily up to the resistance zone 115.78-115.72 as I had previously predicted, below this zone price faced rejection for some time before rising again. Right now USD is trading with an increasing bullish bias slightly below 115.78-115.72 and there is a possibility of a clear breakout above it with a big green candle. If you are currently holding long positions with this pair you can pick your profits now at the level 115.72. In case of a bounce within the zone 115.78-115.72, I anticipate a pullback to the supportive zone 114.64-114. 57 followed by a bounce within it to re-buy USD, and if price breaks above 115.78-115.72, wait for a correction to it before you continue long with this pair.
Trade recommendation
Remain flat.
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.
