24 January 2022, USD/JPY
Technical observation
For several days now USD has been trading with an increasing bearish bias, this downwards movement is a correction to the supportive level 112.72 and I expect a rejection of price at it to pick long positions with my take profit at 115.22 and stop loss at 111.19. If price clearly penetrates above the zone 115.22-115.49 with a big green candle, I expect a further momentum to the upper side, but if the value of this pair breaks below the level 112.72 with a big red candle, my expectation is a correction to the broken line and a bounce at it followed by a rally to the lower side. As long as USD is sustained above the line 112.72, I can only recommend bullish positions.
Trade recommendation
Remain flat.
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