We are neutral | 20 Januari 2022

20 Januari 2022, USD/JPY

We are neutral

Technical observation

On the daily chart above, price is trading with an increasing bearish bias below the resistance zone 115.62-115.42 and the supportive level 112.73 with an increasing bullish bias, however, my expectation is a loss of this bullish movement followed by a correction to the level 112.73 and a rejection at it to pick long positions with my take profit at the level 115.42 and stop loss at 111.19. In case USD breaks below the key level 112.73 with a big red candle, bearish movements can be expected after a correction to the broken zone. The key levels to look for on your ways downwards include 108.53 and the lower supportive level 104.54.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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