USDJPY – Down
Technical observation
For some time now the value of the pair on the chart above has been trading with an increasing bearish momentum and currently it trading with an increasing bullish bias below a resistance level 140.75. Today, I expect a continuation of this upwards movement to the level I have mentioned above followed by a rejection of price at it to pick short positions. My advice, remain flat and wait for a correction to the level indicated above then sell USD at it with your take profit at 135.78 and stop-loss at 142.50. If there is a clear breach below the level 135.78 with a big red candle, I expect the value of USD to plummet towards the key level 130.39.
Trade recommendation
Wait for a correction to the level 140.75 to sell USD.
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