17 Januari 2022, USD/JPY
Technical observation
Last week the pair on the chart above declined with a big red candle to the supportive zone 114.43-113.91 but it could not break below, price bounced within the zone and as long as it is sustained above this zone I expect bullish movements of price towards the resistance level 123.23. I would advise that you pick long positions within the zone mentioned above with your take profit at 123.23 and stop loss at 112.15. Should there be a clear breakout above the resistance level 123.23 with a big green candle, wait for a correction to the broken line and rejection at it before you continue long with this pair towards the level 134.92.
Trade recommendation
Buy USD within 114.43-113.91 with your take profit at 123.23.