23 December 2021, USD/JPY
Technical observation
The pair on the daily chart above retraced to the supportive level 112.71 but could not break below it, price bounced above the line and since then it I has been trading with an increasing bullish bias. I expect a continuation of this upwards movement to the resistance level 115.51 followed by a bounced at it and another retracement to the level 112.71. If you are currently holding bullish positions with this pair, I would advise that you remain in the trade with your take profit at 115.51 and stop loss at 111.78. In case there is a clear breakout below the level 112.71, I expect a momentum towards the supportive zone 110.81-110.61.
Trade recommendation
Remain long with your take profit at 115.51.
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