16 March 2022, USD/JPY
Technical observation
USD rose to the resistance level 118.32 but could not break above it and right now it is trading with an increasing bearish bias. My advice, wait for a continuation of this downwards movement to the supportive level 116.96 followed by a bounce at it to pick long positions with your take profit at 118.32 and stop-loss at 116.38. In case of a clear breakout above the level 118.32 with a big green candle, wait for a pullback to the just broken line and a rejection at it before you continue long with this pair. However, if price breaks below the level 116.96 with a big red candle, you can anticipate a surge towards the level 115.88.
Trade recommendation
Remain flat.
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