USDJPY – Down
Technical observation
In the previous week USD traded with an increasing bullish bias and this week I expect a continuation of this upwards movement towards the resistance zone 134.17-133.09, I then expect a possible rejection of price within this zone and right now I recommend that you remain neutral then sell a bounce within the zone I have mentioned above with your take profit at 103.31 and stop-loss at 139.90. If there is a clear break below the level 103.32 with a big red candle, I expect the value of USD to plummet further to the lower side, and you can wait for a pullback to the broken line and a bounce at it before you continue short towards the level 76.33.
Trade recommendation
Wait for a correction to the zone 134.17-133.9 to sell USD.
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