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Pick long positions within 114.15-113.67.

Pick long positions within 114.15-113.67. | 08 Februari 2022

08 Februari 2022, USD/JPY

Pick long positions within 114.15-113.67.

Technical observation

Last week USD did not rise as I had anticipated, instead it declined a sent a long tail to the supportive zone 114.15-113.67, however it did not break below it and as long as price is sustained above this zone I expect upwards movements of price. My advice, pick long positions within the zone I have mentioned above with your take profit at 123.23 and stop loss at 112.15. Should there be a clear breakout above the line 123.23 with a big green candle, I expect further upwards movements of price, however, in case of a clear breakout below the zone 114.15-113.67 with a big red candle, I expect price to surge towards the supportive level 104.44.

Trade recommendation

Pick long positions within 114.15-113.67.

Imelda Maseno
Analyst of «FreshForex» company
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