19 January 2022, USD/JPY
Technical observation
Last week USD retraced to the supportive zone 114.81-114.34 but could not break below it and as long as it remains above the zone, I expect price to ascend towards the key level 123.23. My advice, remain flat and wait for a second retracement to the zone I have mentioned above then buy a bounce within it with your take profit at 123.23. If this take profit is hit and there is a clear breakout above it with a big green candle, I expect a further surge upwards after a pullback to the broken line. On the other hand, if USD is not contained above the zone but instead breaks below it with a big bred candle, wait for a retracement and a bounce within it before you pick short positions.
Trade recommendation
Buy USD on a second retracement to the zone 114.81-114.34.
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