USDJPY – Down
Technical observation
USD rose to the resistance level 151.95 then bounced at it and it is currently trading with an increasing bearish bias, this downwards movement is a correction to the supportive zone 137.45-138.04 and I expect a decline to the same zone followed by a rejection of price within it. My advice, remain neutral and wait for a correction to the zone I have indicated above to re-buy USD with your take profit at 151.95 and stop-loss at 135.19. If the value of USD is not sustained above the zone 137.45-138.08 but clearly breaks below it with a big red candle, I expect it to plunge towards the level 127.23.
Trade recommendation
Wait for a correction to the zone 137.45-138.04 to re-buy USD.
You may check other analytical reviews on FreshForex website. Source: freshforex.com.
