11 February 2022, USD/JPY
Technical observation
On the weekly chart above price has been trading with an increasing bullish bias since the beginning of the week and I expect it to close bullish. Next week i anticipate a further surge to the upper side to the resistance level 123.23; at this level price can either break above it with a big green candle, or bounce at it followed by another correction to the supportive zone 114.15-113.67. In case of a clear breakout above the line 123.23 with a big green candle, wait for a correction to it before you continue long with this pair. Bearish movements can be expected in case of a clear breakout below the zone 114.15-113.67 followed by a pull back at it.
Trade recommendation
Remain long with your take profit at 123.23 and stop loss at 116.67.
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