USDJPY – Down
Technical observation
USD retraced to the supportive zone it established at 131.59-130.93 for a third time but could not break below it, instead it bounced within the zone and since then it has been trading with an increasing bullish bias. Today I expect a continuation of this upwards movement towards the key level 139.92 followed by either a clear break above it with a big green candle, or a rejection of price at it. If you bought this pair within the zone indicated above after a bounce, I would recommend that you remain in the trade with your take profit at 139.92 and stop-loss at 126.73. As it is on the chart above, I can only recommend short positions in case of a break below the zone 131.59-130.93.
Trade recommendation
Remain long with your take profit at 139.92.
You may check other analytical reviews on FreshForex website. Source: freshforex.com.
