USDJPY – Down
Technical observation
On the chart above, USD is trading with an increasing bearish bias slightly above the supportive zone 126.23-127.25 and I expect a continuation of this downwards movement to the zone I have mentioned above followed by a rejection within it. My advice, remain flat and wait for a pullback to the zone I have indicated above then buy a bounce within it with your take profit at 152.01 and stop-loss at 121.21. In case of a clear break below the zone 126.23-127.25, wait for a retracement to the broken zone before you sell USD. You can expect possible bearish movements of price towards the supportive levels 101.17, 76.33 or lower.
Trade recommendation
Remain flat temporarily.
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