05 April 2022, USD/JPY
Technical observation
Since it bounced above the zone 121.61-121.39, USD has been trading with an increasing bullish bias and I expect this upwards movement to continue up to the resistance level 124.71. If you bought USD within the zone mentioned above after a bounce, remain in the trade with your take profit at 124.71 and stop-loss at 120.38. In case of a clear breakout above the level 124.71 with a big green candle, I anticipate a further surge to the upper side; on the other hand in case of a clear breakout below the zone 121.61-121.39 with a big red candle, I expect the value of this pair to plummet towards the supportive level 118.42.
Trade recommendation
Remain long with your take profit at 124.71.