21 January 2022, USD/JPY
Technical observation
Yesterday the value of this pair declined and closed bearish, today, I expect a further surge to the supportive level 112.73 followed by a bounce at it to buy USD with my take profit at 115.22 and stop loss at 111.29. If price rises and clearly breaks above the zone 115.49-115.22 with a big green candle, a further momentum to the upper side can be anticipated, on the other hand, if USD is not contained above the level 112.73 but instead clearly breaks below it with a big red candle, I expect a correction to the broken line followed by bearish movements of price towards the supportive level marked at 109.05 or even lower to 105.73.
Trade recommendation
Remain neutral.
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