USDJPY – Down
Technical observation
On the weekly chart above, price has been declining steadily for several weeks now and it is currently trading within the supportive zone 134.17-133.09 with an increasing bearish bias; I expect a loss of this downwards movement within the zone followed by a momentum to the upper side. My advice, buy a bounce within the zone indicated above with your take profit at 152.01 and stop-loss at 126.37. If price is not sustained above the zone 134.17-133.09 but clearly breaks below it with a big red candle, you can expect the value of the pair above to plummet towards the supportive level 103.31 after a correction to the broken zone.
Trade recommendation
Buy USD within 134.17-133.09 with your take profit at 152.01.
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