USDJPY – Down
Technical observation
On the hourly chart above price has been consolidating between the resistance level 144.97 and a supportive level 141.67 for some time now, and currently it is trading with an increasing bullish bias, today I expect a possible loss if this upwards movement followed by a rally to the lower side. The anticipated bearish movements is a correction to the level 141.67 and I expect a rejection of price at it to pick long positions with my take profit at 144.97 and stop-loss at 140.79. Should there be a break above the level 144.97; a further momentum to the upper side can be expected after a correction and a rejection at the broken line.
Trade recommendation
Remain neutral.
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