USDJPY – Down
Technical observation
On the chart above, USD is retracing to the resistance zone 138.25-138.92 and it is currently trading slightly below the same zone with an increasing bullish bias. This upwards movement is a pullback to the zone I have indicated above and I expect a possible rejection within it followed by a rejection within it. My advice, remain neutral and wait for a correction to the zone 138.25-138.92 then sell a bounce within it with your take profit at 126.78 and stop-loss at 142.45. In case of a break below the level 126.78, wait for a correction to it before you continue short towards the supportive the level 112.70 or lower to 102.50.
Trade recommendation
Remain neutral and wait for a correction to the zone 138.25-138.92 to sell USD.
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