31 January 2022, USD/JPY
Technical observation
USD retraced to the supportive zone it established at 114.15-113.67 but could not break below it instead, it bounced within the zone and last week price rose with a big green candle. This week I expect further bullish movements towards the resistance level 123.23 followed by either a clear breakout above it with a big green candle or a bounce at it followed by another correction to the zone I have mentioned above. If you picked long positions within the zone 114.15-113.67, remain long with your take profit at 123.23 and stop loss at 112.13. As it is on the chart above, only positions look ideal and can be recommended.
Trade recommendation
Remain long with your take profit at 123.23.
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