USDJPY – Down
Technical observation
USD has been trading with an increasing bullish bias for some time now, this upwards movement is a pullback to the resistance zone 138.10-137.68 and I expect a possible rejection of price within it. Right now I recommend that you remain neutral and wait for a correction to the zone I have mentioned above and in case of a bounce within it, pick bearish positions with your take profit at 127.59 and stop-loss at 141.3, on the other if price is not sustained below the zone 138.10-137.68 but clearly breaks above it with a big green candle, wait for a correction to the broken zone before you pick bullish positions towards the level 145.13.
Trade recommendation
Wait for a correction to the zone 138.10-137.68 to sell USD.
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