04 January 2022, USD/JPY
Technical observation
USD retraced to the supportive level it established at 112.71 but could not break below it instead price bounced at the same level and since then it has been trading with an increasing bullish bias. I expect either a loss of this upwards movement at the level 115.44 followed by another correction to the supportive level 112.71 and a bounce at it to re-buy USD. Or, a clear breakout above the level 115.44 with a big green candle followed by a further momentum to the upper side. If you are currently holding bullish positions with this pair, remain in the trade and pick your profits at 115.44, continue long after a clear break above the level 115.44.
Trade recommendation
Remain long with your take profit at 115.44.
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