USDJPY – Down
Technical observation
On the chart above the price bounced within the supportive zone 138.75-138.22 and since then it has been trading with an increasing bullish bias, today I expect a clear penetration above the level 151.97 or a rejection of price at it followed by a rally to the lower side. If you are currently holding bullish positions with this pair pick your profits now at the level 151.97, however, if you are neutral, wait for a correction to the supportive zone 138.75-138.22 to re-buy this pair with your take profit still at 151.97 and stop-loss at 135.62. In case of a clear break above the level 151.97 with a big green candle, I expect the value of USD to ascend further after a retracement to the broken line. On the chart above, I can only recommend short positions below the zone 138.75-138.22.
Trade recommendation
Remain long with your take profit at 151.97.
You may check other analytical reviews on FreshForex website. Source: freshforex.com.
