USDJPY – Down
Technical observation
On the daily chart above, USD broke below the zone 138.67-138.25 then pulled back to it and it was rejected within the same zone. Since then price has been trading with an increasing bearish bias and as long as it is sustained below the zone indicated above, I expect it to decline even further. If you are currently holding short positions with the pair above, my advice is, remain in the trade with your take profit at 126.78 and stop-loss at 143.47. Should there be a clear break below the level 126.78 with a big red candle, I expect the value of this pair to decline further towards the supportive levels 112.70 and 12.83.
Trade recommendation
Remain short with your take profit at 126.78.
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