Remain neutral | 09 Maret 2022

09 Maret 2022, USD/JPY

Technical observation

USD rose steadily up to the resistance zone 115.78-115.72 as I had previously predicted, below this zone price faced rejection for some time before rising again. Right now USD is trading with an increasing bullish bias slightly below 115.78-115.72 and there is a possibility of a clear breakout above it with a big green candle. If you are currently holding long positions with this pair you can pick your profits now at the level 115.72. In case of a bounce within the zone 115.78-115.72, I anticipate a pullback to the supportive zone 114.64-114. 57 followed by a bounce within it to re-buy USD, and if price breaks above 115.78-115.72, wait for a correction to it before you continue long with this pair.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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