USDJPY – Down
Technical observation
For the past six consecutive weeks USD has been trading with an increasing bullish bias and this week price is also rallying to the upper side. I expect a rejection of this upwards movement at the resistance level 145.97 followed possible bearish movements towards the supportive level 130.3 and my advice is, remain flat and wait for a correction to the level 130.33 then buy a bounce at it with your take profit at 145.97 and stop-loss at 125.25, you can continue long after a clear break above the level 145.97 followed by a rejection and a bounce at it. I can only recommend short positions in case of a clear break below the level 130.33 with a big red candle.
Trade recommendation
Remain neutral.
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