04 марта 2022, USD/JPY
Technical observation
This week I expected USD to rally to the upper side, however, since the current candle opened it has been trading with an increasing bearish bias. This bearish movement is a slight correction to the supportive zone 114.15-113.67 and next week price could assume bullish momentum. If you previously picked long positions within the zone I have mentioned above, remain in the trade with your take profit at 123.23 and stop-loss at 112.07. On the other hand if you are currently neutral with the pair above, remain flat and wait for another correction to the supportive zone 114.15-113.67 or a clear breakout above the level 123.23 to buy USD.
Trade recommendation
Remain long with your take profit at 123.23.
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