We are long towards 119.12 | 18 Maret 2022

18 Maret 2022, USD/JPY

We are long towards 119.12

Technical observation

On the hourly chart above, price rose above the resistance zone 118.45-118.39 then corrected to the same zone and it was sustained above it. As long as USD remains above the zone I have mentioned above, I expect it to rise towards the level 119.12 followed by either a clear breakout above it with a big green candle or a rejection at it followed by another correction to the zone 118.45-118.39. If you are currently holding long positions with the pair above, remain in the trade with your take profit at 119.12 and stop loss at 117.86. As it is on the chart above, I can only recommend short positions in case of a clear breakout below the zone 118.45-118.39.

Trade recommendation

Remain long with your take profit at 119.12.

Imelda Maseno
Analyst of «FreshForex» company
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