USDJPY – Down
Technical observation
USD has been soaring higher for several weeks now and this week price continues to ascend further. Currently it is trading with an increasing bullish bias slightly below the resistance level 147.66 and I expect a possible rejection of price at this line however price could still rise above it. In case of a bounce at the level indicated above, wait for a correction to the supportive level 133.22 then buy a bounce at it with your take profit at 147.66 and stop-loss at 126.28 and if there is a clear break above the level 147.66 with a big green candle, wait for a retracement and a rejection of price at it before you continue long with USD.
Trade recommendation
Remain long with your take profit at 147.66.
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