USDJPY – Down
Technical observation
USD pulled back to the resistance level 135.78 as I have anticipated and it is still trading with an increasing bullish bias. However, I expect a loss of this upwards movement followed by a possible surge to the lower side, My advice, remain neutral and wait for a bounce at the level 135.78 then pick short positions at it with your take profit at 132.20 and stop-loss at 136.81, in case of a break above the level 135.78, I expect possible bullish movements of price towards the resistance level 137.92 or higher, on the other hand, a further momentum to the lower side can be expected in case of a clear penetration below the zone 132.20-132.08.
Trade recommendation
Sell USD at 135.78 with your take profit at 132.20.
You may check other analytical reviews on FreshForex website. Source: freshforex.com.
