11 April 2022, USD/JPY
Technical observation
On the 4 hour chart above price rose up to the resistance level 124.71 as I had expected and it did not break above it, Instead it bounced below the level and I expect possible bearish movements of price towards the supportive zone 121.61-121.39. The expected bearish rally is a correction to the zone I have mentioned above and I expect a rejection of price within it to pick long positions with my take profit at 124.71 and stop-loss at 120.37. If price breaks below the zone 121.61-121.39 with a big red candle, I expect further bearish movements towards the level 118.42, or even lower to the supportive level 115.90.
Trade recommendation
Wait for a correction to the zone 121.61-121.39 to buy USD.
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