31 March 2022, USD/JPY
Technical observation
On the 4 hour chart above, price pulled back to a supportive zone 121.61-121.39 for a second time but could not break below it and the two previous candles traded with an increasing bullish bias. I expect a continuation of this upwards movement to the resistance level 124.71 followed by either a clear breakout above it with a big green candle, or a rejection of price at it followed by another correction to the zone mentioned above. If you are currently holding long positions with the pair, remain in the trade with your take profit at 124.71 and stop loss at 120.38. I can only recommend short positions below the zone 121.61-121.39.
Trade recommendation
Remain long with your take profit at 124.71.
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