USDJPY – Down
Technical observation
USD is trading with an increasing bearish bias between the resistance zone 138.67-137.90 and a supportive level 126.78. I expect either a loss of this downwards movement followed by a correction to the zone I have mentioned above, or a continuation of this bearish movement to the supportive level 126.78. In case of a pullback to the zone I mentioned above sell USD within it with your take profit at 126.78 and stop-loss at 142.43, if price penetrates below the level 126.78, I expect it to plummet towards the supportive levels 112.70, 102.50 or lower. I can only recommend bullish positions above the zone 138.67-137.90.
Trade recommendation
Remain flat.
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