Wait for a correction to re-buy USD | 15 April 2022
15 April 2022, USD/JPY
Technical observation
On the hourly chart above price retraced to a supportive zone 125.18-125.09 then rose steadily towards the resistance level 126.30. Currently price is trading below the same level with an increasing bearish bias and I expect a continuation of this downwards movement to the supportive zone I have mentioned above followed by a rejection within it to re-buy USD with my take profit at 126.30 and stop-loss at 124.67, further bullish movement of price can be anticipated in case of a clear break above the level 126.30, on the other hand a possible rally to the lower side can be expected in case of a clear break below the zone 125.18-125.09.
Trade recommendation
Wait for a correction to the zone 125.18-125.09 to buy USD.
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.
