16 Mei 2022, USD/JPY
Technical observation
On the 4 hour chart above, price retraced sent a tail to the supportive zone 127.80-127.51 then closed bullish above it and since then it has been trading with an increasing bullish bias. Currently the value of this pair is rallying between the zone mentioned above and a resistance level 131.24, I expect a rise to the same resistance line followed by a either a rejection at it or a clear breakout above it with a big green candle. If you are currently holding bullish positions with the pair above, remain in the trade with your take profit at 131.24 and stop-loss at 126.22. I can only recommend short positions in case of a break below the zone 127.80-127.51.
Trade recommendation
Remain long with your take profit at 131.24.
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