Remain bullish | 30 Desember 2021

30 Desember 2021, USD/JPY

Remain bullish

Technical observation

On the hourly chart above, price retraced to the supportive level 114.70 then bounced at it and since then it has been trading with an increasing bullish bias. I expect a continuation of this upwards movement to the resistance level 115.43 followed by either a clear penetration above it with a big green candle, or a rejection at it followed by another correction to the level 114.70. If you picked long positions at the level 114.70 and you are currently holding long positions with this pair, I would advise that you remain in the trade with your take profit at 115.43 and stop loss at 114.47. As long as USD is sustained above the level 114.70 I can only recommend bullish positions.

Trade recommendation

Remain long with your take profit at 115.43.

Imelda Maseno
Analyst of «FreshForex» company
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