02 February 2022, USD/JPY
Technical observation
Since the beginning of the week USD has been trading with an increasing bearish bias above the supportive zone 114.15-113.67 contrary to the bullish movements we anticipated this week. However, despite this downwards movement as long as price is sustained above the zone I have mentioned above I can only recommend bullish positions for this pair. I would advise that you remain neutral and wait for a bounce within the zone 114.15-113.67 to pick long positions with your take profit at 123.23 and stop loss at 111.67. Should there be a clear breakout above the level 123.23 with a big green candle, further bullish movements can be expected a after a retracement to the broken line.
Trade recommendation
Remain neutral.
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