18 January 2022, USD/JPY
Technical observation
On the 4 hour chart above, price rose steadily to the resistance zone 114.71-114.64 but could not break above it, yesterday, it closed below the zone and as long as it is sustained below the same zone, I expect USD to plummet towards the supportive level 110.82. I would advise that you pick short positions within the zone mentioned above with your take profit at 110.82 and stop loss at 115.19. In case of a clear break below the level 110.82 with a big red candle, I expect a further momentum towards the lower supportive level 109.14. On the other hand, in case of a clear break above the zone 114.71-114.64, I expect bullish movements towards 116.35.
Trade recommendation
Sell USD within 114.71-114.64 with your take profit at 110.82.
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