USDJPY – Down
Technical observation
On the chart above, the price is trading with an increasing bullish bias slightly below the resistance zone 134.70-134.90 and I expect a rise to the same zone followed by a rejection of price within it. My advice, remain flat temporarily and sell a bounce within the zone I have mentioned above with your take profit at 127.21 and stop-loss at 135.91, in case of a clear break below the level 127.21, continue short after a pullback to the broken line, on the other hand, in case of a break above the zone 134.70-134.90, wait for a correction and a rejection at it before you pick bullish positions towards the resistance levels 142.29 and 151.50.
Trade recommendation
Remain flat temporarily.
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