USDJPY – Down
Technical observation
USD bounced at the resistance level 140.33 and it is currently trading with an increasing bearish bias and as long as it remains below the same line, I expect a continuation of this downwards movement to the supportive level 138.17. My advice, remain flat an wait for a correction to the level 138.17 then buy a bounce at it with your take profit at 140.33 and stop-loss at 137.58, in case of a break above the level 140.33, I expect the value of USD to ascend further after a correction to the broken line, on the other hand if there is a clear penetration below the level 138.17, I expect bearish movements of price towards the supportive zone 135.80-135.58.
Trade recommendation
Remain neutral.
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