USDJPY – Down
Technical observation
USD bounced within the supportive zone 132.10-131.43 then rose steadily towards the resistance level 145.90 and currently it is trading with an increasing bullish bias below this level. My expectation is a rejection of price at this level followed by a correction to the zone indicated above and I would advise that you remain neutral and wait for pullback to the same zone then buy a bounce within it with your take profit at 145.9 and stop-loss at 126.71. In case of a clear break below the zone 132.10-131.43 with a big red candle, I expect the value of USD to descend towards the supportive level 121.70 after a retracement to the broken zone.
Trade recommendation
Wait for a correction to the zone 132.10-131.43 to buy USD.
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