USDJPY – Down
On the chart above price has been rising steadily for several weeks and currently it is trading with an increasing bullish bias below the resistance level 137.28, however, I expect a loss of this upwards movement followed by a pullback to the supportive level 127.03. My advice, remain flat and wait for a correction to the level 127.03 then buy a bounce at it with your take profit at 137.28 and stop-loss at 122.60. In case of a clear break above the level 137.28, continue long after a correction to the broken line. I can only recommend short positions in case of a clear penetration below the supportive zone 113.54-114.25.
Wait for a correction to the level 127.03.
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