02 December 2021, USD/JPY
Technical observation
USD declined to the supportive level 112.60 but could not break below it and currently it is trading above the same level with an increasing bullish bias. The current bullish movement is a correction to the resistance zone 113.79-113.74 and I expect price to rise to it followed by a rejection within it to sell USD with my take profit at 112.60 and stop loss at 114.19. In case of a clear breakout above the zone 113.79-113.74 with a big green candle, I expect the value of this pair to ascend towards the upper resistance level 114.73, on the other hand should there be clear breakout below the level 112.60 with a big red candle, I expect USD to plummet further.
Trade recommendation
Wait for a correction to the zone 113.79-113.74 to sell USD.
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