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Wait for a correction to the zone 118.45-118.38

Wait for a correction to the zone 118.45-118.38 | 21 March 2022

21 March 2022, USD/JPY

Wait for a correction to the zone 118.45-118.38

Technical observation

On the hourly chart above price retraced to a supportive zone 118.45-118.38 but could not break below it, it then ascended up to the resistance level 119.12 and bounced below the level. Right now USD is trading with an increasing bearish bias and I expect a continuation of this downwards movement to the supportive zone 118.45-118.38 followed by a rejection within it to pick long positions with my take profit at 119.12 and stop loss at 117.78. In case of a penetration below the zone I have mentioned above with a big red candle, I expect price to plummet towards the supportive level 116.98 or even lower to the level 115.88.

Trade recommendation

Wait for a correction to the zone 118.45-118.38 to buy USD.

Imelda Maseno
Analyst of «FreshForex» company
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