07 Tháng hai 2022, USD/JPY
Technical observation
For two consecutive days price retraced to the resistance zone it established at 115.60-115.34 and it could not break below it, I expect a surge towards the supportive level 112.73 followed by either a clear breakout below it with a big red candle or a bounce at it followed by another correction to the zone mentioned above. My advice, pick short positions within the zone 115.60-115.34 with your take profit at 112.73 and stop loss at 116.84. In case of a bounce at the level 112.73, wait for another retracement to the zone 115.60-115.34 to re-sell USD, and should there be a clear break below the same line, wait for a pullback to it before you continue short towards the 109.23.
Trade recommendation
Sell USD within 115.60-115.34 with your take profit at 112.73.
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