USDJPY – Down
Technical observation
USD rose to the resistance level 147.85 then bounced at it and since then it has been trading with an increasing bearish bias, this downwards movement is a correction to the supportive zone 144.75-144.56 and I anticipate a possible rejection within it followed by a surge to the upper side. My advice, remain flat and wait for a correction to the zone indicated above then buy a bounce within it with your take profit at 147.85 and stop-loss at 143.24. If there is a clear break above the level 147.85, I anticipate a further surge to the upper side after a correction to the broken line; I can only recommend short positions below the zone 144.75-144.56.
Trade recommendation
Remain neutral.
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