USDJPY – Down
Technical observation
USD is trading with an increasing bullish bias below the resistance zone 138.25-138.92 and I expect a continuation of this upwards movement to the same zone followed by a rejection within it. My advice, remain neutral temporarily and wait for a bounce within the zone I have mentioned above to sell USD with your take profit at 126.78 and stop-loss at 142.79. In case of a break below the level 126.78, wait for a correction to the broken line before you continue short with this pair towards the key levels 112.70 and 102.50. On the chart above as long as the price is sustained below the zone 138.25-138.92, I can only recommend short positions.
Trade recommendation
Sell USD within the zone 138.25-138.92 with your take profit at 126.78.
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