USDJPY – Down
Technical observation
USD is trading with an increasing bullish bias below the resistance level 144.62 however, I expect a loss of this upwards movement followed by a rally to the supportive zone 132.09-131.38, the anticipated bearish movement is a correction to the zone mentioned above and I expect a rejection of price within the same zone to pick long positions with my take profit at 144.62 and stop-loss at 126.83. On the daily chart above, as long as price is sustained above the zone 132.09-131.38, I can only recommend bullish positions. A surge to the lower side can only be expected in case of a clear break below the zone I have indicated above.
Trade recommendation
Wait for a correction to the zone 1.1763-1.1690 to buy USD.
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