USDJPY – Down
Technical observation
On the daily chart above price broke below the zone 139.08-138.25 and it is still trading with an increasing bearish bias below it. Despite this downwards movement, I expect a correction of price to the zone I have indicated above and followed by a possible rejection within it to pick short positions with my take profit at the level 126.78 and stop-loss at 142.47. If there is a clear beak below the key line 126.78 with a big red candle I expect the value of USD to surge further towards the lower supportive levels 112.70 and 102.83. Right now as it is on the chart above, remaining neutral is ideal than picking any positions.
Trade recommendation
Remain flat.
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