USDJPY – Down
Technical observation
On the 4 hour chart above price trading with an increasing bullish bias below the level 136.65 and I expect either a clear break above it with a big green candle, or a rejection at it followed by another correction to the supportive zone 131.75-131.49. My advice, remain neutral and wait for a correction to the zone mentioned above to buy USD with your take profit 136.65 and stop-loss at 121.69.Should there be a clear break below the zone mentioned above with a big red candle, wait for a correction to it before you pick short position, on your way downwards the key levels to look for include, 126.54, 121.16 and 116.71.
Trade recommendation
Wait for a correction to the zone 131.75-131.49 to buy USD.
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