11 Januari 2022, USD/JPY
Technical observation
USD retraced steadily to the supportive zone it established at 115.07-115.00 but could not break below it. Instead, it bounced at the zone and currently it is trading with an increasing bullish bias. I expect a continuation of this upwards movement to the resistance level 116.34 followed by either a rejection at it or a clear breakout above it with a big green candle. In case of you are currently long with this pair, remain in the trade with your take profit at 116.34 and stop loss at 114.58. Should there be a clear breakout below the zone 115.07-115.00 with a big red candle, I expect price to plummet towards 113.87 after a correction to the broken zone.
Trade recommendation
Remain long with your take profit at 116.34.