USDJPY – Down
Technical observation
On the daily chart above price is trading with an increasing bullish bias slightly below the resistance level 137.01 and i expect a loss of this upwards movement at the level mentioned above followed by a retracement to the supportive zone 131.41-130.79, my advice, remain neutral and wait for a correction to the zone I have indicated above then pick long positions within it with your take profit at 137.01 and stop-loss at 127.19. If this take profit is hit and there is a clear break above it with a big green candle, I expect price to ascend further after a correction to the broken line. I can only recommend short positions in case of a clear break below 131.41-130.79.
Trade recommendation
Wait for a correction to the zone 131.41-130.79 to buy USD.
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