USDJPY – Down
Technical observation
On the 4 hour chart above USD retraced to the resistance level it established at 140.65 and it did not break above it, instead it bounced at this level and a since then it has been trading with an increasing bearish bias. As long as price is sustained below this level, I expect a continuation of this downwards movement and if you are currently holding short positions with the pair above, I recommend that you remain in the trade with your take profit at 135.78 and stop-loss at 142.35. If there is a clear break below 135.78, I expect the value of USD to plummet further towards the lower supportive level marked at 130.39.
Trade recommendation
Remain short with your take profit at 135.78.
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