Technical analysis USDJPY for 16.03.2022

The Tenkan-sen line is located above the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is ascending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest resistance is the level 118.35. The closest support is the level 117.80

Key levels

• 119.60, 118.90, 118.35, 117.80, 117.20, 116.70, 116.20, 115.75, 114.95

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 118.35, with Take Profit of 119.60 and Stop Loss of 117.80

Alternative scenario

• Recommended opening short positions (Sell Limit) from the level of 119.60, with Take Profit of 118.35 and Stop Loss of 120.50